prepared by the New York City Office of the Actuary€¦ · GASB 67/68 Report . For . The City of New York . And . The New York City . Retirement Systems . ... (GASB) Statement No

Fiscal Year 2018 GASB 67/68 Report

For

The City of New York And

The New York City Retirement Systems

prepared by the

New York City Office of the Actuary

OFFICE OF THE ACTUARY

255 GREENWICH STREET • 9TH FLOOR NEW YORK, NY 10007

(212) 442-5775 • FAX: (212) 442-5777

SHERRY S. CHAN CHIEF ACTUARY

September 28, 2018

Honorable Scott M. Stringer Comptroller The City of New York Municipal Building, Room 530 One Centre Street New York, NY 10007

Re: GASB67/68 Report for Fiscal Year Ended June 30, 2018

Dear Comptroller Stringer:

This GASB67/68 Report is for the City of New York and the New York City Retirement Systems1 (NYCRS) for Fiscal Year Ended June 30, 2018 (Report).

Executive Summary

1. This Report presents information intended for use by the City of New York for accounting and financial reporting under Governmental Accounting Standards Board (GASB) Statement No. 68, as amended by GASB Statement No. 71 (GASB71), GASB Statement No. 73 (GASB73), GASB Statement No. 78 (GASB78), GASB Statement No. 82 (GASB 82), and GASB Statement No. 85 (GASB85) for Fiscal Year 2018.

2. This Report also presents information intended for use by each System for accounting and financial reporting under GASB Statement No. 67, as amended by GASB73, GASB82, and GASB85 for Fiscal Year 2018.

___________________________ 1 New York City Employees’ Retirement System (NYCERS) New York City Teachers’ Retirement System (TRS) New York City Board of Education Retirement System (BERS) New York City Police Pension Fund (POLICE) New York City Fire Pension Fund (FIRE)

3. The following Table provides a summary of the principal GASB67/68 results for Fiscal Year 2018 by System and in total. Detailed results including results for participating employers (Obligors), if applicable, are provided in Appendices A-E.

4. The New York City Off-Track Betting Corporation (OTB) is shown herein as an Obligor. It is unclear at this time whether OTB’s pension costs, liabilities and allocated assets are to be reported by the City.

5. Some of the Obligors operate on a fiscal year that is different from the City’s fiscal year. Those Obligors should consult with their auditors to determine how to apply the results shown in this Report in their individual financial statements.

6. The results contained herein are based upon the Office of the Actuary’s (OA) interpretation of GASB67, GASB68, GASB71, GASB73, GASB78, GASB82, and GASB85 in consultation with the New York City Office of the Comptroller (OC) and Grant Thornton, LLP and Marks Paneth, LLP, the City’s auditors. The results are based upon an actuarial valuation date of June 30, 2016 and a Measurement Date of June 30, 2018 for Fiscal Year 2018. A Measurement Date of June 30, 2017 was used for Fiscal Year 2017 items.

*Includes Variable Supplements Funds (VSFs)

Pension Expense $ 2,293.5 $ 3,278.7 $ 6.6 $ 1,590.7 $ 973.7

56,025.8$

PFNP as a % of TPL 78.8% 74.5% 90.3% 79.0% 64.4% 76.4%

$ 17,637.7 $ 18,711.4 $ 501.4 $ 11,356.7

8,143.2$

$ 7,818.6

237,865.5$

Plan Fiduciary Net Position (PFNP) $ 65,662.1 $ 54,532.5 $ 4,672.9 $ 42,798.9 $ 14,173.3 181,839.7$

Total Pension Liability (TPL) $ 83,299.8 $ 73,243.9 $ 5,174.3 $ 54,155.6 $ 21,991.9

Net Pension Liability (NPL)

SUMMARY OF PRINCIPAL GASB67/68 RESULTS FOR FISCAL YEAR 2018

($ Millions)

NYCERS* TRS BERS POLICE* FIRE* TOTAL

QUALIFIED PENSION PLAN ONLY UNLESS OTHERWISE STATED

7. The Fiscal Year 2018 results reflect the following changes since the prior year:

• The new Special Accidental Death Benefit (SADB) for Sanitation members of NYCERS.

• Revisions to the probabilities of Accidental Disability for Tier VI Sanitation and Corrections members of NYCERS using a more empirical methodology.

• The new disability benefit provisions for Tier III and Tier III Revised members of POLICE, and Tier III and Tier III Modified members of FIRE.

• The handling of the VSF offset due to escalation for Tier VI Corrections members of NYCERS, Tier III and Tier III Revised members of POLICE, and Tier III and Tier III Modified members of FIRE. Beginning this year, a future escalation is no longer an offset to VSF payments.

• The liability associated with the cost of the ASAF benefit is now being recognized for certain TRS members.

• The Beginning with Children Charter School (BWC) closed in 2016. The results for BWC have been included with the results for the Department of Education for TRS and BERS.

8. The results contained herein are for accounting and financial reporting purposes only. Therefore, these results are not to be relied upon for other purposes, including but not limited to, funding of the NYCRS, investment decisions, and plan design.

Conclusion

This Report is intended to present the accounting and financial reporting information required under GASB67 and GASB68 as of the Measurement Date of June 30, 2018 and the Reporting Date of June 30, 2018 for the City of New York, for certain Obligors, and for the New York City Retirement Systems. This Report also presents some Fiscal Year 2017 results.

All costs, liabilities and actuarial present values have been determined in accordance with generally accepted actuarial principles and procedures.

The Table of Contents, which immediately follows, outlines in more detail the contents of this report.

I, Sherry S. Chan, am the Chief Actuary for, and independent of, the New York City Retirement Systems and Pension Funds. I am a Fellow of the Society of Actuaries, an Enrolled Actuary under the Employee Retirement Income and Security Act of 1974 (ERISA), a Member of the American Academy of Actuaries, and a Fellow of the Conference of Consulting Actuaries. I meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinion contained herein. To the best of my knowledge, the results contained herein have been prepared in accordance with generally accepted actuarial principles and procedures and with the Actuarial Standards of Practice issued by the Actuarial Standards Board.

Best Regards,

Sherry S. Chan, FSA, EA, FCA, MAAA Chief Actuary

SSC/eh

cc: New York City Office of the Actuary Mr. Frankie Chen Ms. Marlene Markoe-Boyd Mr. Sam Rumley Mr. Michael Samet Keith Snow, Esq. Component Units Mr. Robert Balducci – Water Finance Authority Mr. Dan Frydberg – New York City Housing Authority Ms. Mary John – Housing Development Corporation Mr. Raymond Orlando – New York City Department of Education Mr. Kenneth Tirino – City University of New York Mr. Aaron Stern – New York City Transit Authority Ms. Yi-Wen Wang – School Construction Authority Mr. Jay Weinman – New York City Health and Hospitals Corporation

ehanlon

Sherry Name!

New York City Office of the Comptroller Ms. Rosa Charles Mr. David Jeter Ms. Berta Lara Ms. Jaqueline Thompson Mr. Leonel Ferreira Marks Paneth, LLC Ms. Rosanne Bowen Ms. Hope Goldstein Grant Thornton Ms. Marla Hummel Mr. Ben Kohnle Mr. Chris Mancusi Mr. Cosmo Saginario New York City Office of Management and Budget Mr. John Grathwol Mr. Ken Godiner Mr. Omair Hassan New York City Retirement Systems Ms. Sunny Bavakutty – New York City Police Pension Fund Mr. Albert Connolly – New York City Fire Pension Fund Ms. Maureen Dale – New York City Fire Pension Fund Mr. Jean-Daniel Desmornes – New York City Board of Education Retirement System Mr. Patrick Dunn – New York City Fire Pension Fund Mr. Michael Goldson – New York City Employees’ Retirement System Ms. Chun Gong – New York City Employees’ Retirement System Mr. Kevin Holloran – New York City Police Pension Fund Mr. Paul Raucci – New York City Teachers’ Retirement System Ms. Patricia Reilly – New York City Teachers’ Retirement System Mr. Sanford Rich – New York City Board of Education Retirement System Mr. Stanley Thomas – New York City Police Pension Fund Ms. Melanie Whinnery – New York City Employees’ Retirement System

Table of Contents

SECTION I: CENSUS DATA ........................................................................................................................... 1

SECTION II: ASSETS ....................................................................................................................................... 3

SECTION III: ACTUARIAL ASSUMPTIONS AND METHODS ............................................................... 4

SECTION IV: SUMMARY OF PLAN PROVISIONS ................................................................................... 7

SECTION V: ROLL-FORWARD METHODOLOGY ................................................................................... 8

SECTION VI: ALLOCATION METHODOLOGY ......................................................................................... 9

SECTION VII: SUBSEQUENT EVENTS ..................................................................................................... 10

SECTION VIII: SENSITIVITY ANALYSIS ................................................................................................. 11

Table of Appendices

APPENDIX A...................................................................................... DETAILED RESULTS FOR NYCERS

APPENDIX B.............................................................................................. DETAILED RESULTS FOR TRS

APPENDIX C ............................................................................................ DETAILED RESULTS FOR BERS

APPENDIX D .......................................................................................DETAILED RESULTS FOR POLICE

APPENDIX E ............................................................................................. DETAILED RESULTS FOR FIRE

1

SECTION I: CENSUS DATA

The census data used in the development of the GASB67/68 results contained herein is the census data used in the June 30, 2016 (Lag) actuarial valuations of the New York City Retirement Systems1 (NYCRS or Systems) to determine the final Fiscal Year 2018 employer pension contributions.

The Office of the Actuary (OA) and Buck performed tests on this data and, on the basis of these tests, the Chief Actuary of the New York City Retirement Systems (the Actuary) believes the data is sufficiently complete and appropriate for developing the GASB67/68 results contained in this Report.

The following Table I-1 presents a summary of the census data used in the June 30, 2016 (Lag) actuarial valuations to determine the final Fiscal Year 2018 employer pension contributions. Further detail can be found in the Comprehensive Annual Financial Report (CAFR) for each System.

___________________________

1 New York City Employees’ Retirement System (NYCERS) New York City Teachers’ Retirement System (TRS) New York City Board of Education Retirement System (BERS) New York City Police Pension Fund (POLICE) New York City Fire Pension Fund (FIRE)

29,699

87,345 27,677 745,270

58 24,771

Retired 147,514 84,093 16,937 49,151 16,647 314,342

376,458

Active/Inactive

Table I-1

SUMMARY OF CENSUS DATA USED IN THE JUNE 30, 2016 (LAG) ACTUARIAL VALUATIONS

GROUP NYCERS TRS BERS POLICE FIRE TOTAL

Total 359,879 224,088 46,281

Deferred Vested 8,895 14,393 851

10,951

574

Active 185,481 118,201 25,864 35,961

7,401 2,629 1,659 2117,989

2

The following Table I-2 presents the salaries of the active members shown in Table I-1 at June 30, 2016, projected to June 30, 2017 and projected to December 31, 2017. The employer contributions for Fiscal Year 2018 were based on projected covered payroll at December 31, 2017.

The census data used in the June 30, 2016 (Lag) actuarial valuations contains either the negotiated retroactive wage increases or an estimate of any anticipated settlements (pattern bargaining).

NYCERS 13,216,539,355 12,834,129,514 12,715,736,327

TRS 9,224,267,647 9,200,179,606 9,221,537,012

Table I-2

SALARIES OF ACTIVE MEMBERS

System June 30, 2016 June 30,2017 December 31, 2017

1,088,371,487

POLICE 3,717,425,239 3,673,054,287 3,650,356,859

BERS 1,149,019,892 1,102,183,933

FIRE 1,180,226,281 1,164,528,195 1,161,264,531

Total 28,487,478,414 27,974,075,535 27,837,266,216

3

SECTION II: ASSETS

Asset values for each NYCRS, for the Variable Supplements Funds (VSFs), and for the Tax-Deferred Annuity (TDA) Programs are prepared by the Chief Accountants of each System on the basis of information provided by the investment managers of the respective System and by the Office of the Comptroller of the City of New York (the Comptroller or the OC).

The Board of Trustees of each System establishes an overall Investment Policy and has ultimate authority for the assets of the System.

By statute, the Comptroller is the custodian for each System’s investments and also serves as an Investment Advisor to each System’s Board of Trustees.

For purposes of developing the results contained in this Report, asset information was provided to the OA by the Office of the Comptroller and the Systems. For all Systems, the Plan Fiduciary Net Positions at June 30, 2018, as well as income items and cash flow items, have been given clearance by Marks Paneth. However, certain categories of assets are subject to revision.

The Chief Actuary for the NYCRS (the Actuary) provides to the Boards of Trustees of NYCERS, POLICE, and FIRE information related to the transfer of SKIM from each System’s Qualified Pension Plan (QPP) to its respective Variable Supplements Fund(s) (VSF). A memorandum dated September 7, 2018 to Ms. Jacqueline Thompson summarizes these estimates of Fiscal Year 2018 SKIM.

These transfers reduce the Market Value of Assets (MVA) of each System’s QPP and increase the MVA of the VSFs as of June 30, 2018.

The SKIM amounts were estimated by the Actuary based on information provided by the Office of the Comptroller as of June 30, 2018 and on calculations performed by the Actuary for Fiscal Year 2018.

4

SECTION III: ACTUARIAL ASSUMPTIONS AND METHODS

With the exception of those described in item 7. of the Executive Summary, all actuarial assumptions and methods used to value the NYCRS are unchanged from those used in the prior valuation and are provided in the following five reports (the Silver Books), dated February 10, 2012:

• Proposed Changes in Actuarial Assumptions and Methods for Determining Employer Contributions for Fiscal Years Beginning on and after July 1, 2011 for the New York City Employees’ Retirement System.

• Proposed Changes in Actuarial Assumptions and Methods for Determining Employer Contributions for Fiscal Years Beginning on and after July 1, 2011 for the New York City Teachers’ Retirement System.

• Proposed Changes in Actuarial Assumptions and Methods for Determining Employer Contributions for Fiscal Years Beginning on and after July 1, 2011 for the New York City Board of Education Retirement System.

• Proposed Changes in Actuarial Assumptions and Methods for Determining Employer Contributions for Fiscal Year Beginning on and after July 1, 2011 for the New York City Police Pension Fund.

• Proposed Changes in Actuarial Assumptions and Methods for Determining Employer Contributions for Fiscal Years Beginning on and after July 1, 2011 for the New York City Fire Department Pension Fund.

Electronic versions of the Silver Books are available on the OA website (www.nyc.gov/actuary) under the Reports tab.

Those assumptions requiring Board approval were adopted by each Board of Trustees. The New York State Legislature and Governor enacted those Silver Book assumptions and methods requiring State legislation as Chapter 3 of the Laws of 2013 (Chapter 3/13), with revisions to the post-retirement mortality tables proposed by the Actuary and adopted by each NYCRS’ Board of Trustees in Fiscal Year 2016.

http://www.nyc.gov/actuary

5

Actuarial Asset Valuation Method

The Plan Fiduciary Net Positions are based on the Market Values of Assets at the Measurement Dates with certain adjustments made to reflect the Actuary’s understanding of the accruals within and the transfers between the QPP and the VSFs for NYCERS, POLICE and FIRE.

Actuarial Cost Method

The Entry Age Normal cost method, as set forth in Paragraph 46 of GASB67 and Paragraph 32 of GASB68, is used to determine the results contained in this Report.

Discount Rate

The discount rate used to measure the Total Pension Liability (TPL) was 7.0% per annum. The projection of cash flows used to determine the discount rate assumed that each participating employer (Obligor) would contribute the actuarially-determined contribution each year. On this basis, the Plan Fiduciary Net Position (PFNP) of each System was projected to be sufficient to pay all benefits when due.

For all of the VSFs, liabilities are also discounted at 7.0% per annum, consistent with the assumptions and methodology used to determine employer contributions.

Additionally, in TRS and in BERS, Variable Fund liabilities have been developed consistent with Variable Fund investment earnings for Fiscal Years 2017 and 2018.

Long-Term Expected Rate of Return

The Long-Term Expected Rate of Return (LTEROR) on the investments of the NYCRS was determined using a Building-Block method as described in each respective System’s Silver Book.

The Building-Block methodology develops total investment return by combining expected future inflation with an expected future Real Rate of Return (RROR) on plan assets.

For purposes of GASB67/68, the target asset allocation and estimates of arithmetic RROR for each major asset class were provided by the Comptroller and are summarized in the Appendix for each respective System.

Liability Loads

In developing the results of the June 30, 2016 (Lag) actuarial valuations of the NYCRS, the Actuary included adjustments for liabilities and benefit payments related to the benefits provided by the World Trade Center laws and for certain other benefits payable to members of each System, if any.

6

The following Table III provides a brief description of the significant assumptions used in the June 30, 2016 (Lag) actuarial valuation to determine the Final Fiscal Year 2018 employer contributions:

Table III

ACTUARIAL ASSUMPTIONS USED FOR DETERMINING FINAL FISCAL YEAR 2018 EMPLOYER CONTRIBUTIONS

ITEM FINAL FISCAL YEAR 2018

EMPLOYER CONTRIBUTIONS1

Valuation Date June 30, 2016 (Lag).

Assumed Rate of Return on Investments2 7.0% per annum, net of Investment Expenses (4.0% per annum for benefits payable under the Variable Annuity Programs of TRS and BERS).

Post-Retirement Mortality Tables adopted by the Boards of Trustees during Fiscal Year 20163.

Active Service: Withdrawal, Death, Disability4 Tables adopted by the Boards of Trustees during Fiscal Year 20125.

Retirement Tables adopted by the Boards of Trustees during Fiscal Year 20125.

World Trade Center Benefits Estimates of Certain Obligations.

Salary Increases2 Tables adopted by the Boards of Trustees during Fiscal Year 20125. In general, Merit and Promotion Increases plus assumed General Wage Increase of 3.0% per year.

Assumed Cost-of-Living Adjustments2 1.5% per year for Tier I, Tier II, Tier IV, and certain Tier III and Tier VI retirees. 2.5% per year for certain Tier III and Tier VI retirees.

Liability Loads Estimates of Certain Obligations.

1 Based on actuarial assumptions and methods proposed by the Actuary during Fiscal Year 2012, adopted by the Boards of Trustees and enacted into law as Chapter 3/13 with revisions proposed by the Actuary and adopted by the Boards of Trustees in Fiscal Year 2016.

2 Developed using a long-term Consumer Price Inflation (CPI) assumption of 2.5% per year.

3 See December 2015 memoranda to the Boards of Trustees.

4 The Accidental Disability rates for Tier VI Sanitation and Corrections members were revised as a result of the change in the disability provisions to be equal to the Tier IV assumptions of their respective group.

The Accidental Disability rates for Tier III/VI POLICE and FIRE members were revised as a result of the change in the disability provisions to be equal to the Tier II assumptions of their respective group.

5 See the Reports entitled “Proposed Changes in Actuarial Assumptions and Methods for Determining Employer Contributions for Fiscal Years Beginning on and After July 1, 2011” dated February 10, 2012 (the Silver Books).

7

SECTION IV: SUMMARY OF PLAN PROVISIONS

A summary of the benefits is contained in the June 30, 2016 and the June 30, 2017 Comprehensive Annual Financial Reports of each NYCRS.

8

SECTION V: ROLL-FORWARD METHODOLOGY

In accordance with Paragraph 22 of GASB68, the Total Pension Liability (TPL) should be determined by:

(a) an actuarial valuation as of the Measurement Date (i.e. June 30, 2018), or

(b) the use of update procedures to roll forward to the Measurement Date amounts from an actuarial valuation as of a date no more than 30 months and 1 day earlier than the employer’s fiscal year-end.

Actuarial valuations of the NYCRS are performed annually using a June 30, XX-2 actuarial valuation date to determine Fiscal Year XX employer contributions (e.g. June 30, 2016 (Lag) actuarial valuations are used to determine Fiscal Year 2018 employer contributions). This is referred to as One-Year Lag Methodology (OYLM).

Due to the time needed to prepare June 30, 2018 actuarial valuations, primarily related to the collection of census data, the Actuary has developed the TPL at June 30, 2018 by rolling-forward certain results of the June 30, 2016 actuarial valuations of the NYCRS that were used to determine the Final Fiscal Year 2018 employer contributions.

Entry Age Accrued Liabilities and Total Normal Costs are beginning-of-year amounts. Actual Benefit Payments are assumed to be made mid-year. The June 30, 2017 Normal Costs are projected from June 30, 2016 on an expected basis. Except for the Variable Funds of TRS and BERS, all roll-forward amounts assume compound interest at 7.0% per annum.

For TRS and BERS, all Fixed Fund liabilities were determined consistent with the methodology used for the other NYCRS. For TRS and BERS, Variable Fund liabilities were rolled forward using actual Variable Fund asset earnings.

The development of the TPL under the methodology described herein is shown for each System in the Appendices.

9

SECTION VI: ALLOCATION METHODOLOGY

Three of the NYCRS (i.e. NYCERS, TRS, and BERS) are cost-sharing, multiple-employer public employee retirement systems. For these Systems, all GASB67/68 results were first determined in total as of the Measurement Date.

For each Obligor, a proportionate share of the Net Pension Liability, Pension Expense, Deferred Outflows of Resources and Deferred Inflows of Resources (the Collective Pension Amounts) were determined in accordance with GASB68 Paragraphs 48-55 and in accordance with a February 2014 whitepaper published by the State and Local Government Expert Panel (SLGEP) of the American Institute of Certified Public Accountants (AICPA).

The Collective Pension Amounts were allocated consistent with the manner in which total employer contributions to each System were determined. Each respective System’s Appendix contains the development of the allocation percentage for each Obligor. This percentage is based on Fiscal Year 20XX employer contributions which, under OYLM, is based on a June 30, 20XX-2 actuarial valuation date (see Paragraph 50 of GASB68).

The components of Pension Expense were allocated ratably for each Obligor. Although these component allocations produce results for some Obligors that appear illogical (e.g. a Service Cost for OTB and for the VSFs of HP and TP despite there being no active members), it is the understanding of the Actuary that this methodology is permitted for purposes of determining GASB68 results and that the components (as opposed to the total) are relatively unimportant for developing the key financial reporting results.

10

SECTION VII: SUBSEQUENT EVENTS

The Fiscal Year 2018 GASB67/68 results contained herein are based on June 30, 2016 actuarial valuations of each of the New York City Retirement Systems used to develop Final Fiscal Year 2018 employer contributions under the One-Year Lag Methodology (OYLM). As described in Section V, these June 30, 2016 actuarial valuation results have been rolled-forward to the Measurement Date of June 30, 2018.

11

SECTION VIII: SENSITIVITY ANALYSIS

The following Table VIII presents the Net Pension Liability of each System, calculated as of the Measurement Date of June 30, 2018, using the Discount Rate of 7.0% per annum (the Current Rate). The Table also shows what each System’s Net Pension Liability would be if it were calculated using a Discount Rate that is 1-percentage-point lower (i.e. 6.0% per annum) or 1-percentage-point higher (i.e. 8.0% per annum) than the Current Rate.

POLICE $ 17,376,068,314 11,356,779,365$ 6,369,667,313$

Total $ 82,827,098,960 $ 56,025,964,103 $ 33,443,627,734

FIRE $ 10,021,365,073 $ 7,818,650,180 $ 5,930,135,504

BERS 1,142,065,768$ 501,383,700$ (43,967,879)$

TRS $ 27,250,530,887 18,711,455,341$ 11,480,117,633$

NYCERS 27,037,068,918$ 17,637,695,517$ 9,707,675,163$

System1% Decrease

(6.0%)Current Discount

Rate (7.0%)1% Increase

(8.0%)

NET PENSION LIABILITY AS OF JUNE 30, 2018

SENSITIVITY ANALYSIS

Table VIII

Appendix A

Page 1a - Statement of Fiduciary Net Position - NYCERSPage 1b - Statement of Fiduciary Net Position - COVSFPage 1c - Statement of Fiduciary Net Position - HPOVSFPage 1d - Statement of Fiduciary Net Position - HPSOVSFPage 1e - Statement of Fiduciary Net Position - TPOVSFPage 1f - Statement of Fiduciary Net Position - TPSOVSF

Page 2a - Statement of Changes in Fiduciary Net Position - NYCERSPage 2b - Statement of Changes in Fiduciary Net Position - COVSFPage 2c - Statement of Changes in Fiduciary Net Position - HPOVSFPage 2d - Statement of Changes in Fiduciary Net Position - HPSOVSFPage 2e - Statement of Changes in Fiduciary Net Position - TPOVSFPage 2f - Statement of Changes in Fiduciary Net Position - TPSOVSF

Page 3 - Market Value of Assets

Page 4 - Long-Term Expected Rate of Return

Page 5a - Development of Asset (Gain) / Loss - June 30, 2017Page 5b - Development of Asset (Gain) / Loss - June 30, 2018

Page 6 - Roll-Forward of Entry Age Actuarial Accrued Liabilities

Page 7a - Schedule of Employer Allocations - June 30, 2017Page 7b - Changes in Net Pension Liability by Source - June 30, 2017Page 7c - Changes in Net Pension Liability by Source - June 30, 2017 - SummaryPage 7d - Schedule of Employer Allocations - June 30, 2018Page 7e - Changes in Net Pension Liability by Source - June 30, 2018Page 7f - Changes in Net Pension Liability by Source - June 30, 2018 - Summary

Page 8 - Schedule of Changes in Net Pension Liability and Related Ratios

Page 9 - Schedule of Employer Contributions

Page 10 - Average Expected Remaining Service Lives

Page 11a - Increase (Decrease) in Pension Expense Arising from the Recognition of Differencesbetween Expected and Actual Experience

Page 11b - Increase (Decrease) in Pension Expense Arising from the Recognition of Changes in AssumptionsPage 11c - Increase (Decrease) in Pension Expense Arising from the Recognition of Differences

between Projected and Actual Earnings on Pension Plan Investments

Page 12a - Changes in Proportionate Share - June 30, 2015Page 12b - Changes in Proportionate Share - June 30, 2016Page 12c - Changes in Proportionate Share - June 30, 2017Page 12d - Changes in Proportionate Share - June 30, 2018

Page 13a - Components of Pension Expense - June 30, 2017Page 13b - Components of Pension Expense - June 30, 2017 - SummaryPage 13c - Components of Pension Expense - June 30, 2018Page 13d - Components of Pension Expense - June 30, 2018 - Summary

Page 14a - Pension Expense, Total Deferred Inflows/Outflows of Resources @ June 30, 2013Page 14b - Pension Expense, Deferred Inflows/Outflows of Resources for June 30, 2014Page 14c - Pension Expense, Deferred Inflows/Outflows of Resources for June 30, 2015Page 14d - Pension Expense, Deferred Inflows/Outflows of Resources for June 30, 2016Page 14e - Pension Expense, Deferred Inflows/Outflows of Resources for June 30, 2017Page 14f - Pension Expense, Deferred Inflows/Outflows of Resources for June 30, 2018Page 14g - Pension Expense, Total Deferred Inflows/Outflows of Resources @ June 30, 2018

Page 15a - Schedule of Pension Amounts by Employer - June 30, 2017Page 15b - Schedule of Pension Amounts by Employer - June 30, 2018Page 15c - Schedule of Collective Pension Amounts - June 30, 2018

APPENDIX A

NEW YORK CITY EMPLOYEES' RETIREMENT SYSTEM (NYCERS)

NYC Office of the Actuary September 28, 2018

Appendix APage 1a


Governmental Accounting Standards Board Statements No. 67 and No. 68 (GASB 67/68)

Statement of Fiduciary Net PositionJune 30, 2018 and June 30, 2017

(Dollar amounts in thousands)

June 30, 2018 June 30, 2017ASSETS

Cash 19,139$ 163,875$

Receivables:Investment securities sold 494,566 687,047Member loans 1,129,906 1,102,986Accrued interest and dividends 326,006 301,680Other receivables 0 0Receivables due from NYCERS 0 0

Total receivables 1,950,478$ 2,091,713$

Investments - at fair valueShort-term investments:

U.S. treasury bills and agencies 40,216 37,090Commercial paper 644,809 422,635Short-term investment fund 612,219 442,599Discount notes 71,958 188,544Short-term hedge fund 0 0

Debt securities:U.S. Government and agency 11,612,008 7,261,949Corporate and other 6,082,292 6,254,038Promissory notes 0 0Equity securities 17,979,085 18,956,882Alternative investments 10,176,771 9,258,954

Collective trust funds:International equity 13,315,724 13,655,017Domestic equity 0 0Mortgage debt securities 704,148 640,950Treasury inflation protected securities 2,858,313 2,531,110Fixed income 1,139,185 1,091,294Collateral from securities lending 9,918,700 7,034,093

Total investments 75,155,428$ 67,775,155$

Other assets 109,895 93,948

Total assets 77,234,940$ 70,124,691$

LIABILITIESAccounts payable 468,665 209,206Payables for investment securities purchased 1,023,260 955,572Accrued benefits payable 377,156 321,457Amount due to Variable Supplements Funds 4,995 5,493Transferrable earnings due from QPP to COVSF 234,000 281,000Due to other retirement systems 1,412 1,088Securities lending 9,918,700 7,034,093

Total liabilities 12,028,188$ 8,807,909$

PLAN NET POSITION HELD IN TRUST FOR BENEFITS 65,206,752$ 61,316,782$


Appendix APage 1b

NEW YORK CITY CORRECTION OFFICERS' VARIABLE SUPPLEMENTS FUND





Cash 1,917$ 8,106$

Receivables:Accrued interest 365 37Transferable earnings due from QPP to VSFs 234,000 281,000Other receivables 11 12

Total receivables 234,376$ 281,049$

Investments - at fair value:Short-term investment fund 213,478$ 43,529$

Accrued Transfer from QPP 0$ 0$

Total assets 449,771$ 332,684$

LIABILITIESAccounts Payable 47,529$ 44,519$

Total Liabilities 47,529$ 44,519$

Plan Net Position held in Trust for Benefits 402,242$ 288,165$


Appendix APage 1c

NEW YORK CITY HOUSING POLICE OFFICERS' VARIABLE SUPPLEMENTS FUND





Cash 134$ 69$

Receivable - due from NYCERS 812 901

Total assets 946$ 970$

LIABILITIESAccrued benefits payable 946$ 970$

Total Liabilities 946$ 970$

Plan Net Position held in Trust for Benefits 0$ 0$


Appendix APage 1d





Cash 121$ 58$

Receivables:Receivable - due from NYCERS 1,202 1,274

Total assets 1,323$ 1,332$

LIABILITIESAccrued benefits payable 1,323$ 1,332$



NEW YORK CITY HOUSING POLICE SUPERIOR OFFICERS' VARIABLE SUPPLEMENTS FUND


Appendix APage 1e

NEW YORK CITY TRANSIT POLICE OFFICERS' VARIABLE SUPPLEMENTS FUND





Cash 171$ 45$

Receivables:Receivable - due from NYCERS 1,657 1,886


LIABILITIESAccounts payable 22$ 21$ Accrued benefits payable 1,806 1,910




Appendix APage 1f





Cash 139$ 70$

Receivable - due from NYCERS 1,324 1,432


LIABILITIESAccrued benefits payable 1,463$ 1,502$



NEW YORK CITYTRANSIT POLICE SUPERIOR OFFICERS' VARIABLE SUPPLEMENTS FUND


Appendix APage 2a


Statement of Changes in Fiduciary Net PositionJune 30, 2018 and June 30, 2017


June 30, 2018 June 30, 2017ADDITIONS

Contributions:Member Contributions 523,535$ 513,514$ Employer Contributions 3,377,024 3,328,193

Total contributions 3,900,559$ 3,841,707$

Investment income:Interest income 878,598 753,789Dividend income 897,873 931,480Net appreciation (depreciation) in fair value 3,591,521 5,489,457

Total investment income 5,367,992$ 7,174,726$

Less:Investment expenses 241,818 223,756

Net income 5,126,174 6,950,970

Securities lending transactions:Securities lending income 30,089 33,703Securities lending fees 3,009 2,369

Net securities lending income 27,080 31,334

Net investment income 5,153,254 6,982,304Other:

Other Income 3,410 3,266

Total additions 9,057,223$ 10,827,277$

DEDUCTIONSBenefit payments and withdrawals 4,882,612 4,635,020Payments to other retirement systems 9,055 8,087Amount transferred to Variable Supplements Funds 10,897 11,297Transferrable earnings due from QPP to COVSF 205,000 285,924Administrative expenses 59,689 59,671

Total deductions 5,167,253$ 4,999,999$

INCREASE IN PLAN NET POSITION 3,889,970 5,827,278

PLAN NET POSITION HELD IN TRUST FOR BENEFITS:Beginning of year 61,316,782$ 55,489,504$

End of year 65,206,752$ 61,316,782$



Appendix APage 2b





Investment income:Interest income 2,265$ 300$ Net appreciation (depreciation) in fair value 0 (452)

Total investment income 2,265$ (152)$

Reimbursement of benefit payments from QPP 0 0

Transferrable earnings due from QPP to COVSF 205,000 285,924

Other Income 12 0

Total additions 207,277$ 285,772$

DEDUCTIONSBenefit payments and withdrawals 93,200 2,624

Total deductions 93,200$ 2,624$

INCREASE IN PLAN NET POSITION 114,077 283,148

PLAN NET POSITION HELD IN TRUST FOR BENEFITS:Beginning of year 288,165$ 5,017$

End of year 402,242$ 288,165$

NEW YORK CITY CORRECTION OFFICERS' VARIABLE SUPPLEMENTS FUND


Appendix APage 2c





Investment income:Interest income 0$ 0$

Total investment income 0$ 0$

Reimbursement of benefit payments from QPP 1,825 1,889


DEDUCTIONSBenefit payments 1,825 1,889


INCREASE IN PLAN NET POSITION 0 0

PLAN NET POSITION HELD IN TRUST FOR BENEFITS:Beginning of year 0 0

End of year 0 0

NEW YORK CITY HOUSING POLICE OFFICERS' VARIABLE SUPPLEMENTS FUND


Appendix APage 2d







Reimbursement of benefit payments from NYCERS 2,573 2,595






End of year 0 0

HOUSING POLICE SUPERIOR OFFICERS' VARIABLE SUPPLEMENTS FUNDNEW YORK CITY


Appendix APage 2e













End of year 0 0

NEW YORK CITY TRANSIT POLICE OFFICERS' VARIABLE SUPPLEMENTS FUND


Appendix APage 2f













End of year 0 0

NEW YORK CITYTRANSIT POLICE SUPERIOR OFFICERS' VARIABLE SUPPLEMENTS FUND


Appendix APage 3

QPP COVSF HPOVSF HPSOVSF TPOVSF TPSOVSF Total1. Plan Net Position @ 6/30/2016 55,436,780,000$ 99,666,000$ 0$ 0$ 0$ 0$ 55,536,446,000$ 2. Net Accrued Benefits Payable 5,724,000 0 30,000 44,000 29,000 40,000 5,867,0003. Accrued Transfers from NYCERS to COVSF 52,724,000 (52,724,000) 0 0 0 0 04. Adjusted Market Value @ 6/30/2016 55,495,228,000$ 46,942,000$ 30,000$ 44,000$ 29,000$ 40,000$ 55,542,313,000$

5. Changes for the year:a. ER Contributions 3,328,193,000 0 0 0 0 0 3,328,193,000b. EE Contributions 513,514,000 0 0 0 0 0 513,514,000c. Net Investment Income 6,982,304,000 (152,000) 0 0 0 0 6,982,152,000d. Benefit Payments 1 (4,635,251,000) (30,000) (1,850,000) (2,581,000) (3,814,000) (2,953,000) (4,646,479,000)e. Payments to Other Retirement Systems (8,087,000) 0 0 0 0 0 (8,087,000)f. Transfers to Variable Supplements Funds (11,297,000) 0 1,889,000 2,595,000 3,830,000 2,983,000 0g. Administrative Expenses (59,671,000) 0 0 0 0 0 (59,671,000)h. Other 3,266,000 0 0 0 0 0 3,266,000i. Net Changes 6,112,971,000$ (182,000)$ 39,000$ 14,000$ 16,000$ 30,000$ 6,112,888,000$

6. Plan Net Position @ 6/30/2017 61,602,706,000$ 46,760,000$ 0$ 0$ 0$ 0$ 61,649,466,000$ 7. Net Accrued Benefits Payable 5,493,000 0 69,000 58,000 45,000 70,000 5,735,0008. Accrued Transfers from NYCERS to COVSF (285,924,000) 285,924,000 0 0 0 0 09. Adjusted Market Value @ 6/30/2017 61,322,275,000$ 332,684,000$ 69,000$ 58,000$ 45,000$ 70,000$ 61,655,201,000$

10. Changes for the year:a. ER Contributions 3,377,024,000 0 0 0 0 0 3,377,024,000b. EE Contributions 523,535,000 0 0 0 0 0 523,535,000c. Net Investment Income 5,153,254,000 2,265,000 0 0 0 0 5,155,519,000d. Benefit Payments 2 (4,883,110,000) (90,190,000) (1,760,000) (2,510,000) (3,486,000) (2,818,000) (4,983,874,000)e. Payments to Other Retirement Systems (9,055,000) 0 0 0 0 0 (9,055,000)f. Transfers to Variable Supplements Funds (10,897,000) 0 1,825,000 2,573,000 3,612,000 2,887,000 0g. Administrative Expenses (59,689,000) 0 0 0 0 0 (59,689,000)h. Other 3,410,000 12,000 0 0 0 0 3,422,000i. Net Changes 4,094,472,000$ (87,913,000)$ 65,000$ 63,000$ 126,000$ 69,000$ 4,006,882,000$

11. Plan Net Position @ 6/30/2018 65,411,752,000$ 244,771,000$ 0$ 0$ 0$ 0$ 65,656,523,000$ 12. Net Accrued Benefits Payable 4,995,000 0 134,000 121,000 171,000 139,000 5,560,00013. Accrued Transfers from NYCERS to COVSF (205,000,000) 205,000,000 0 0 0 0 014. Adjusted Market Value @ 6/30/2018 65,211,747,000$ 449,771,000$ 134,000$ 121,000$ 171,000$ 139,000$ 65,662,083,000$

1 Includes Net Accrued Benefits Payable of $(231,000) for QPP, $2,594,000 for COVSF, $39,000 for HPOVSF, $14,000 for HPSOVSF, $16,000 for TPOVSF and $30,000 for TPSOVSF.2 Includes Net Accrued Benefits Payable of $(498,000) for QPP, $3,010,000 for COVSF, $65,000 for HPOVSF, $63,000 for HPSOVSF, $126,000 for TPOVSF and $69,000 for TPSOVSF.



Market Values of Assets


Appendix APage 4

Long-TermTarget ExpectedAsset Real Rates

Asset Class Allocation of Return

U.S. Public Market Equities 29% 6.3%

International Public Market Equities 13% 7.0%

Emerging Public Market Equities 7% 9.5%

Private Market Equities 7% 10.4%

Fixed Income (Core, TIPS, HY, Opportunistic, Convertibles) 33% 2.2%

Alternatives (Real Assets, Hedge Funds) 11% 5.5%

Total 100%

The Discount Rate used to measure the Total Pension Liability was 7.0% per annum. The projection of Cash Flows used todetermine the Discount Rate assumes that employee contributions will be made at the rates applicable to the current Tier for eachmember and that employer contributions will be made at rates as determined by the Actuary. Based on those assumptions, thepension fund's Fiduciary Net Position is projected to be available to make all projected future benefit payments of current activeand non-active members. Therefore, the Long-Term Expected Rate of Return on pension fund investments was applied to allperiods of projected benefit payments to determine the Total Pension Liability.




The Long-Term Expected Rate of Return (LTEROR) assumption on pension fund investments was determined using a Building-Block Method in which best-estimate ranges of Expected Real Rates of Return (i.e. Expected Returns, net of pension fundinvestment expenses and inflation) are developed for each major asset class. These ranges are combined to produce theLTEROR by weighting the Expected Real Rates of Return (RROR) by the Target Asset Allocation percentage and by addingExpected Inflation. The Target Asset Allocation, and best estimates of Arithmetic Real Rates of Return are presented in thefollowing table:


Appendix APage 5a

QPP COVSF HPOVSF HPSOVSF TPOVSF TPSOVSF Total

1. Assets

a. Market Value 6/30/2016* 55,442,504,000$ 99,666,000$ 30,000$ 44,000$ 29,000$ 40,000$ 55,542,313,000$

b. 2016 Accrued Transfers from NYCERS to COVSF 52,724,000 (52,724,000) 0 0 0 0 0

c. Adjusted Market Value @6/30/2016 55,495,228,000 46,942,000 30,000 44,000 29,000 40,000 55,542,313,000

d. Market Value 6/30/2017** 61,608,199,000 46,760,000 69,000 58,000 45,000 70,000 61,655,201,000

e. 2017 Accrued Transfers from NYCERS to COVSF (285,924,000) 285,924,000 0 0 0 0 0

f. Adjusted Market Value @6/30/2017 61,322,275,000 332,684,000 69,000 58,000 45,000 70,000 61,655,201,000

2. Net Investment Income 6,982,304,000 (152,000) 0 0 0 0 6,982,152,000

3. Cash Flow (816,609,000) (52,754,000) 39,000 14,000 16,000 30,000 (869,264,000)(1.d. - 1.a. - 2.)

4. Expected Earnings 3,852,875,764 5,161,355 3,442 3,562 2,581 3,832 3,858,050,536(7% * 1.a. + 3.441% * 3.)

5. (Gain) / Loss (3,129,428,236) 5,313,355 3,442 3,562 2,581 3,832 (3,124,101,464)(4. - 2.)

6. Recognition Period 5 Years 5 Years 5 Years 5 Years 5 Years 5 Years 5 Years

7. Amount Recognized in Pension Expense (625,885,647) 1,062,671 688 712 516 766 (624,820,294)(5. / 6.)

8. Deferred (Inflow) / Outflow of Resources (2,503,542,589)$ 4,250,684$ 2,754$ 2,850$ 2,065$ 3,066$ (2,499,281,170)$ (5. - 7.)

* Before Reflecting 2016 Accrued Transfers to VSFs.

** Before Reflecting 2017 Accrued Transfers to VSFs.



Development of Asset (Gain) / LossJune 30, 2017


Appendix APage 5b

QPP COVSF HPOVSF HPSOVSF TPOVSF TPSOVSF Total

1. Assets

a. Market Value 6/30/2017* 61,608,199,000$ 46,760,000$ 69,000$ 58,000$ 45,000$ 70,000$ 61,655,201,000$

b. 2017 Accrued Transfers from NYCERS to COVSF (285,924,000) 285,924,000 0 0 0 0 0

c. Adjusted Market Value @6/30/2017 61,322,275,000 332,684,000 69,000 58,000 45,000 70,000 61,655,201,000

d. Market Value 6/30/2018** 65,416,747,000 244,771,000 134,000 121,000 171,000 139,000 65,662,083,000

e. 2018 Accrued Transfers from NYCERS to COVSF (205,000,000) 205,000,000 0 0 0 0 0

f. Adjusted Market Value @6/30/2018 65,211,747,000 449,771,000 134,000 121,000 171,000 139,000 65,662,083,000

2. Net Investment Income 5,153,254,000 2,265,000 0 0 0 0 5,155,519,000

3. Cash Flow (1,344,706,000) 195,746,000 65,000 63,000 126,000 69,000 (1,148,637,000)(1.d. - 1.a. - 2.)

4. Expected Earnings 4,266,302,597 10,008,820 7,067 6,228 7,486 7,274 4,276,339,472(7% * 1.a. + 3.441% * 3.)

5. (Gain) / Loss (886,951,403) 7,743,820 7,067 6,228 7,486 7,274 (879,179,528)(4. - 2.)

6. Recognition Period 5 Years 5 Years 5 Years 5 Years 5 Years 5 Years 5 Years

7. Amount Recognized in Pension Expense (177,390,281) 1,548,764 1,413 1,246 1,497 1,455 (175,835,906)(5. / 6.)

8. Deferred (Inflow) / Outflow of Resources (709,561,122)$ 6,195,056$ 5,654$ 4,982$ 5,989$ 5,819$ (703,343,622)$ (5. - 7.)

* Before Reflecting 2017 Accrued Transfers to VSFs.

** Before Reflecting 2018 Accrued Transfers to VSFs.





Appendix APage 6

QPP COVSF HPOVSF HPSOVSF TPOVSF TPSOVSF Total1. Entry Age Accrued Liability (EAAL) at 6/30/2016 76,631,777,580$ 1,258,249,431$ 16,005,793$ 22,300,558$ 32,689,073$ 24,874,470$ 77,985,896,905$ 2. Entry Age Normal Cost at 6/30/2016 1,865,432,425 22,766,600 0 0 0 0 1,888,199,0253. Benefit Payments-FY2017 4,635,251,000 30,000 1,850,000 2,581,000 3,814,000 2,953,000 4,646,479,0004. Interest 5,335,305,713 89,670,090 1,056,747 1,472,227 2,156,995 1,639,600 5,431,301,372

5. Roll-Forward EAAL at 6/30/2017 79,197,264,718$ 1,370,656,121$ 15,212,540$ 21,191,785$ 31,032,068$ 23,561,070$ 80,658,918,302$ 6. Changes of Benefit Terms at 6/30/2017 42,500,914 1,497,838 0 0 0 0 43,998,7527. Changes of Assumptions at 6/30/2017 17,938,871 (206,057) 0 0 0 0 17,732,8148. Adjusted EAAL at 6/30/2017 79,257,704,503$ 1,371,947,902$ 15,212,540$ 21,191,785$ 31,032,068$ 23,561,070$ 80,720,649,868$

9. Entry Age Normal Cost at 6/30/2017 2 1,923,683,472 24,028,922 0 0 0 0 1,947,712,39410. Benefit Payments-FY2018 4,883,110,000 90,190,000 1,760,000 2,510,000 3,486,000 2,818,000 4,983,874,00011. Interest 5,514,669,343 94,614,940 1,004,316 1,397,056 2,052,292 1,552,308 5,615,290,255

12. Roll-Forward EAAL at 6/30/2018 81,812,947,318$ 1,400,401,764$ 14,456,856$ 20,078,841$ 29,598,360$ 22,295,378$ 83,299,778,517$

1 VSFs liabilities are discounted at 7.0% per annum, consistent with the Assumptions and Methodology used to determine employer contributions. 2 Includes normal cost attributable to "Changes of Benefit Terms at 6/30/2017" and "Changes of Assupmtions at 6/30/2017" of $2,288,074 for QPP and $579,324 for COVSF.



Roll-Forward of Entry Age Actuarial Accrued Liabilities1


Appendix APage 7a

2017Actual Employer

Employer AllocationEmployer Contributions Percentage

Transit Operating 607,175,982$ 18.243%

Transit Non-Operating 125,143,356 3.760%

Transit Authority Transit Police 23,178,270 0.696%

Transit Authority CP Engineers 26,125,101 0.785%

Housing Authority Regular 155,920,897 4.685%

Housing Authority Housing Police 9,571,892 0.288%

Health and Hospitals Corporation 492,160,878 14.788%

Off-Track Betting 18,519,306 0.556%

Housing Development Corporation / REMIC 1,778,800 0.053%

State Courts 1,208,594 0.036%

School Construction Authority 1,321,372 0.040%

Water Finance Authority 136,110 0.004%

Senior Colleges 38,838,696 1.167%

Triborough Bridge and Tunnel Authority 43,546,055 1.308%

City 1,783,567,273 53.591%

Total 3,328,192,582$ 100.000%



Schedule of Employer AllocationsJune 30, 2017


Appendix APage 7b(1)



Changes in Net Pension Liability (NPL) by Source

Total Pension Plan Fiduciary Net PensionLiability Net Position1 Liability

(a) (b) (a) - (b)1. Balances at June 30, 2016 79,839,134,898$ 55,542,313,000$ 24,296,821,898$

2. Changes for the Year:a. Service Cost 1,920,457,666 0 1,920,457,666b. Interest 5,546,608,362 0 5,546,608,362c. Differences b/t Expected and Actual Experience (238,253,928) 0 (238,253,928)d. Changes of Assumptions 0 0 0e. Contributions - Employer 0 3,328,193,000 (3,328,193,000)f. Contributions - Employee 0 513,514,000 (513,514,000)g. Net Investment Income 0 6,982,152,000 (6,982,152,000)h. Benefit Payments (4,646,479,000) (4,646,479,000) 0i. Payments to Other Retirement Systems 0 (8,087,000) 8,087,000j. Transfers to Variable Supplements Funds 0 0 0k. Administrative Expenses 0 (59,671,000) 59,671,000l. Other Changes 0 3,266,000 (3,266,000)

Net Changes 2,582,333,100$ 6,112,888,000$ (3,530,554,900)$

3. Balances at June 30, 2017 82,421,467,998$ 61,655,201,000$ 20,766,266,998$

1 Balances at 6/30/2016 and 6/30/2017 are Adjusted Market Values - See Page 3.

Balances at June 30, 2017






Total Pension Plan Fiduciary Net PensionLiability Net Position Liability

(a) (b) (a) - (b)1. Balances at June 30, 2016 18.312% 14,620,142,385$ 10,170,908,357$ 4,449,234,028$

2. Changes for the Year:a. Service Cost 350,349,092 0 350,349,092b. Interest 1,011,867,763 0 1,011,867,763c. Differences b/t Expected and Actual Experience (43,464,664) 0 (43,464,664)d. Changes of Assumptions 0 0 0e. Contributions - Employer 0 607,175,982 (607,175,982)f. Contributions - Employee 0 93,680,359 (93,680,359)g. Net Investment Income 0 1,273,753,989 (1,273,753,989)h. Benefit Payments (847,657,164) (847,657,164) 0i. Payments to Other Retirement Systems 0 (1,475,311) 1,475,311j. Transfers to Variable Supplements Funds 0 0 0k. Administrative Expenses 0 (10,885,781) 10,885,781l. Other Changes 0 595,816 (595,816)

Net Changes 471,095,027$ 1,115,187,890$ (644,092,863)$

3. SubTotal 15,091,237,412$ 11,286,096,247$ 3,805,141,165$

4. Changes in Proportionate Share (55,089,005) (38,324,198) (16,764,807)

5. Balances at June 30, 2017 18.243% 15,036,148,407$ 11,247,772,049$ 3,788,376,358$

Transit OperatingBalances at June 30, 2017







(a) (b) (a) - (b)1. Balances at June 30, 2016 3.179% 2,538,086,099$ 1,765,690,130$ 772,395,969$

2. Changes for the Year:a. Service Cost 72,209,208 0 72,209,208b. Interest 208,552,474 0 208,552,474c. Differences b/t Expected and Actual Experience (8,958,348) 0 (8,958,348)d. Changes of Assumptions 0 0 0e. Contributions - Employer 0 125,143,356 (125,143,356)f. Contributions - Employee 0 19,308,126 (19,308,126)g. Net Investment Income 0 262,528,915 (262,528,915)h. Benefit Payments (174,707,610) (174,707,610) 0i. Payments to Other Retirement Systems 0 (304,071) 304,071j. Transfers to Variable Supplements Funds 0 0 0k. Administrative Expenses 0 (2,243,630) 2,243,630l. Other Changes 0 122,802 (122,802)

Net Changes 97,095,724$ 229,847,888$ (132,752,164)$

3. SubTotal 2,635,181,823$ 1,995,538,018$ 639,643,805$

4. Changes in Proportionate Share 463,865,374 322,700,839 141,164,535

5. Balances at June 30, 2017 3.760% 3,099,047,197$ 2,318,238,857$ 780,808,340$

Transit Non-OperatingBalances at June 30, 2017







(a) (b) (a) - (b)1. Balances at June 30, 2016 0.672% 536,518,986$ 373,244,343$ 163,274,643$

2. Changes for the Year:a. Service Cost 13,366,385 0 13,366,385b. Interest 38,604,394 0 38,604,394c. Differences b/t Expected and Actual Experience (1,658,247) 0 (1,658,247)d. Changes of Assumptions 0 0 0e. Contributions - Employer 0 23,178,270 (23,178,270)f. Contributions - Employee 0 3,574,057 (3,574,057)g. Net Investment Income 0 48,595,778 (48,595,778)h. Benefit Payments (32,339,494) (32,339,494) 0i. Payments to Other Retirement Systems 0 (56,286) 56,286j. Transfers to Variable Supplements Funds 0 0 0k. Administrative Expenses 0 (415,310) 415,310l. Other Changes 0 22,731 (22,731)

Net Changes 17,973,038$ 42,559,746$ (24,586,708)$

3. SubTotal 554,492,024$ 415,804,089$ 138,687,935$


5. Balances at June 30, 2017 0.696% 573,653,417$ 429,134,245$ 144,519,172$

TA TPBalances at June 30, 2017









Net Changes 20,271,316$ 47,984,957$ (27,713,641)$

3. SubTotal 607,887,349$ 456,776,381$ 151,110,968$


5. Balances at June 30, 2017 0.785% 647,008,524$ 483,992,113$ 163,016,411$

TA CP EngineersBalances at June 30, 2017








2. Changes for the Year:a. Service Cost 89,973,442 0 89,973,442b. Interest 259,858,602 0 259,858,602c. Differences b/t Expected and Actual Experience (11,162,197) 0 (11,162,197)d. Changes of Assumptions 0 0 0e. Contributions - Employer 0 155,920,897 (155,920,897)f. Contributions - Employee 0 24,058,131 (24,058,131)g. Net Investment Income 0 327,113,821 (327,113,821)h. Benefit Payments (217,687,541) (217,687,541) 0i. Payments to Other Retirement Systems 0 (378,876) 378,876j. Transfers to Variable Supplements Funds 0 0 0k. Administrative Expenses 0 (2,795,586) 2,795,586l. Other Changes 0 153,012 (153,012)

Net Changes 120,982,306$ 286,383,858$ (165,401,552)$

3. SubTotal 3,875,816,819$ 2,898,538,838$ 977,277,981$


5. Balances at June 30, 2017 4.685% 3,861,445,776$ 2,888,541,223$ 972,904,553$

HA RegularBalances at June 30, 2017








2. Changes for the Year:a. Service Cost 5,530,918 0 5,530,918b. Interest 15,974,232 0 15,974,232c. Differences b/t Expected and Actual Experience (686,171) 0 (686,171)d. Changes of Assumptions 0 0 0e. Contributions - Employer 0 9,571,892 (9,571,892)f. Contributions - Employee 0 1,478,920 (1,478,920)g. Net Investment Income 0 20,108,598 (20,108,598)h. Benefit Payments (13,381,860) (13,381,860) 0i. Payments to Other Retirement Systems 0 (23,291) 23,291j. Transfers to Variable Supplements Funds 0 0 0k. Administrative Expenses 0 (171,852) 171,852l. Other Changes 0 9,406 (9,406)

Net Changes 7,437,119$ 17,591,813$ (10,154,694)$

3. SubTotal 242,164,176$ 180,886,214$ 61,277,962$


5. Balances at June 30, 2017 0.288% 237,373,828$ 177,553,675$ 59,820,153$

HA HPBalances at June 30, 2017








2. Changes for the Year:a. Service Cost 283,997,280 0 283,997,280b. Interest 820,232,445 0 820,232,445c. Differences b/t Expected and Actual Experience (35,232,991) 0 (35,232,991)d. Changes of Assumptions 0 0 0e. Contributions - Employer 0 492,160,878 (492,160,878)f. Contributions - Employee 0 75,938,450 (75,938,450)g. Net Investment Income 0 1,032,520,638 (1,032,520,638)h. Benefit Payments (687,121,315) (687,121,315) 0i. Payments to Other Retirement Systems 0 (1,195,906) 1,195,906j. Transfers to Variable Supplements Funds 0 0 0k. Administrative Expenses 0 (8,824,147) 8,824,147l. Other Changes 0 482,976 (482,976)

Net Changes 381,875,419$ 903,961,574$ (522,086,155)$

3. SubTotal 12,189,285,080$ 9,118,114,244$ 3,071,170,836$

4. Changes in Proportionate Share (798,392) (555,424) (242,968)

5. Balances at June 30, 2017 14.788% 12,188,486,688$ 9,117,558,820$ 3,070,927,868$

HHCBalances at June 30, 2017









Net Changes 14,357,772$ 34,002,210$ (19,644,438)$

3. SubTotal 503,771,668$ 374,476,589$ 129,295,079$


5. Balances at June 30, 2017 0.556% 458,263,362$ 342,817,471$ 115,445,891$

OTBBalances at June 30, 2017








2. Changes for the Year:a. Service Cost 1,017,843 0 1,017,843b. Interest 2,939,702 0 2,939,702c. Differences b/t Expected and Actual Experience (126,275) 0 (126,275)d. Changes of Assumptions 0 0 0e. Contributions - Employer 0 1,778,800 (1,778,800)f. Contributions - Employee 0 272,162 (272,162)g. Net Investment Income 0 3,700,541 (3,700,541)h. Benefit Payments (2,462,633) (2,462,633) 0i. Payments to Other Retirement Systems 0 (4,286) 4,286j. Transfers to Variable Supplements Funds 0 0 0k. Administrative Expenses 0 (31,626) 31,626l. Other Changes 0 1,731 (1,731)

Net Changes 1,368,637$ 3,254,689$ (1,886,052)$

3. SubTotal 43,683,378$ 32,692,115$ 10,991,263$

4. Changes in Proportionate Share 0 0 0

5. Balances at June 30, 2017 0.053% 43,683,378$ 32,692,115$ 10,991,263$

HDC/REMICBalances at June 30, 2017








2. Changes for the Year:a. Service Cost 691,365 0 691,365b. Interest 1,996,779 0 1,996,779c. Differences b/t Expected and Actual Experience (85,771) 0 (85,771)d. Changes of Assumptions 0 0 0e. Contributions - Employer 0 1,208,594 (1,208,594)f. Contributions - Employee 0 184,865 (184,865)g. Net Investment Income 0 2,513,575 (2,513,575)h. Benefit Payments (1,672,732) (1,672,732) 0i. Payments to Other Retirement Systems 0 (2,911) 2,911j. Transfers to Variable Supplements Funds 0 0 0k. Administrative Expenses 0 (21,482) 21,482l. Other Changes 0 1,176 (1,176)

Net Changes 929,641$ 2,211,085$ (1,281,444)$

3. SubTotal 25,679,772$ 19,429,202$ 6,250,570$


5. Balances at June 30, 2017 0.036% 29,671,728$ 22,206,317$ 7,465,411$

Balances at June 30, 2017State Courts








2. Changes for the Year:a. Service Cost 768,183 0 768,183b. Interest 2,218,643 0 2,218,643c. Differences b/t Expected and Actual Experience (95,302) 0 (95,302)d. Changes of Assumptions 0 0 0e. Contributions - Employer 0 1,321,372 (1,321,372)f. Contributions - Employee 0 205,406 (205,406)g. Net Investment Income 0 2,792,861 (2,792,861)h. Benefit Payments (1,858,592) (1,858,592) 0i. Payments to Other Retirement Systems 0 (3,235) 3,235j. Transfers to Variable Supplements Funds 0 0 0k. Administrative Expenses 0 (23,868) 23,868l. Other Changes 0 1,306 (1,306)

Net Changes 1,032,932$ 2,435,250$ (1,402,318)$

3. SubTotal 44,944,458$ 32,983,522$ 11,960,936$


5. Balances at June 30, 2017 0.040% 32,968,587$ 24,652,174$ 8,316,413$

SCABalances at June 30, 2017








2. Changes for the Year:a. Service Cost 76,818 0 76,818b. Interest 221,864 0 221,864c. Differences b/t Expected and Actual Experience (9,530) 0 (9,530)d. Changes of Assumptions 0 0 0e. Contributions - Employer 0 136,110 (136,110)f. Contributions - Employee 0 20,541 (20,541)g. Net Investment Income 0 279,286 (279,286)h. Benefit Payments (185,859) (185,859) 0i. Payments to Other Retirement Systems 0 (323) 323j. Transfers to Variable Supplements Funds 0 0 0k. Administrative Expenses 0 (2,387) 2,387l. Other Changes 0 131 (131)

Net Changes 103,293$ 247,499$ (144,206)$

3. SubTotal 4,095,251$ 3,024,615$ 1,070,636$


5. Balances at June 30, 2017 0.004% 3,296,859$ 2,469,191$ 827,668$

WFABalances at June 30, 2017









Net Changes 30,135,828$ 71,336,086$ (41,200,258)$

3. SubTotal 1,025,729,840$ 763,948,729$ 261,781,111$


5. Balances at June 30, 2017 1.167% 961,858,532$ 719,514,878$ 242,343,654$

Senior CollegesBalances at June 30, 2017







(a) (b) (a) - (b)1. Balances at June 30, 2016 1.266% 1,010,763,449$ 703,165,683$ 307,597,766$


Net Changes 33,776,917$ 79,969,865$ (46,192,948)$

3. SubTotal 1,044,540,366$ 783,135,548$ 261,404,818$


5. Balances at June 30, 2017 1.308% 1,078,072,801$ 806,463,318$ 271,609,483$

Balances at June 30, 2017TBTA








2. Changes for the Year:a. Service Cost 1,029,192,467 0 1,029,192,467b. Interest 2,972,482,889 0 2,972,482,889c. Differences b/t Expected and Actual Experience (127,682,663) 0 (127,682,663)d. Changes of Assumptions 0 0 0e. Contributions - Employer 0 1,783,567,691 (1,783,567,691)f. Contributions - Employee 0 275,197,289 (275,197,289)g. Net Investment Income 0 3,741,805,078 (3,741,805,078)h. Benefit Payments (2,490,094,562) (2,490,094,562) 0i. Payments to Other Retirement Systems 0 (4,333,904) 4,333,904j. Transfers to Variable Supplements Funds 0 0 0k. Administrative Expenses 0 (31,978,285) 31,978,285l. Other Changes 0 1,750,283 (1,750,283)

Net Changes 1,383,898,131$ 3,275,913,590$ (1,892,015,459)$

3. SubTotal 44,532,958,582$ 33,293,756,649$ 11,239,201,933$


5. Balances at June 30, 2017 53.591% 44,170,488,914$ 33,041,594,554$ 11,128,894,360$

City TotalBalances at June 30, 2017


Appendix APage 7c

Transit TA Non- TA CP Senior Operating Operating TA TP Engineers HA Regular HA HP HHC OTB HDC/REMIC State Courts SCA WFA Colleges TBTA City Total Total

Balances at June 30, 2016 14,620,142,385$ 2,538,086,099$ 536,518,986$ 587,616,033$ 3,754,834,513$ 234,727,057$ 11,807,409,661$ 489,413,896$ 42,314,741$ 24,750,131$ 43,911,526$ 3,991,958$ 995,594,012$ 1,010,763,449$ 43,149,060,451$ 79,839,134,898$

Changes for the Year:Service Cost 350,349,092 72,209,208 13,366,385 15,075,593 89,973,442 5,530,918 283,997,280 10,677,745 1,017,843 691,365 768,183 76,818 22,411,741 25,119,586 1,029,192,467 1,920,457,666Interest 1,011,867,763 208,552,474 38,604,394 43,540,876 259,858,602 15,974,232 820,232,445 30,839,142 2,939,702 1,996,779 2,218,643 221,864 64,728,920 72,549,637 2,972,482,889 5,546,608,362Differences b/t Expected and Actual Experience (43,464,664) (8,958,348) (1,658,247) (1,870,293) (11,162,197) (686,171) (35,232,991) (1,324,692) (126,275) (85,771) (95,302) (9,530) (2,780,423) (3,116,361) (127,682,663) (238,253,928)Changes of Assumptions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Benefit Payments (847,657,164) (174,707,610) (32,339,494) (36,474,860) (217,687,541) (13,381,860) (687,121,315) (25,834,423) (2,462,633) (1,672,732) (1,858,592) (185,859) (54,224,410) (60,775,945) (2,490,094,562) (4,646,479,000)

Net Changes 471,095,027$ 97,095,724$ 17,973,038$ 20,271,316$ 120,982,306$ 7,437,119$ 381,875,419$ 14,357,772$ 1,368,637$ 929,641$ 1,032,932$ 103,293$ 30,135,828$ 33,776,917$ 1,383,898,131$ 2,582,333,100$

SubTotal 15,091,237,412$ 2,635,181,823$ 554,492,024$ 607,887,349$ 3,875,816,819$ 242,164,176$ 12,189,285,080$ 503,771,668$ 43,683,378$ 25,679,772$ 44,944,458$ 4,095,251$ 1,025,729,840$ 1,044,540,366$ 44,532,958,582$ 82,421,467,998$

Changes in Proportionate Share (55,089,005) 463,865,374 19,161,393 39,121,175 (14,371,043) (4,790,348) (798,392) (45,508,306) 0 3,991,956 (11,975,871) (798,392) (63,871,308) 33,532,435 (362,469,668) 0

Balances at June 30, 2017 15,036,148,407$ 3,099,047,197$ 573,653,417$ 647,008,524$ 3,861,445,776$ 237,373,828$ 12,188,486,688$ 458,263,362$ 43,683,378$ 29,671,728$ 32,968,587$ 3,296,859$ 961,858,532$ 1,078,072,801$ 44,170,488,914$ 82,421,467,998$


Balances at June 30, 2016 10,170,908,357$ 1,765,690,130$ 373,244,343$ 408,791,424$ 2,612,154,980$ 163,294,401$ 8,214,152,670$ 340,474,379$ 29,437,426$ 17,218,117$ 30,548,272$ 2,777,116$ 692,612,643$ 703,165,683$ 30,017,843,059$ 55,542,313,000$

Changes for the Year:Contributions - Employer 607,175,982 125,143,356 23,178,270 26,125,101 155,920,897 9,571,892 492,160,878 18,519,306 1,778,800 1,208,594 1,321,372 136,110 38,838,696 43,546,055 1,783,567,691 3,328,193,000Contributions - Employee 93,680,359 19,308,126 3,574,057 4,031,085 24,058,131 1,478,920 75,938,450 2,855,138 272,162 184,865 205,406 20,541 5,992,708 6,716,763 275,197,289 513,514,000Net Investment Income 1,273,753,989 262,528,915 48,595,778 54,809,893 327,113,821 20,108,598 1,032,520,638 38,820,765 3,700,541 2,513,575 2,792,861 279,286 81,481,714 91,326,548 3,741,805,078 6,982,152,000Benefit Payments (847,657,164) (174,707,610) (32,339,494) (36,474,860) (217,687,541) (13,381,860) (687,121,315) (25,834,423) (2,462,633) (1,672,732) (1,858,592) (185,859) (54,224,410) (60,775,945) (2,490,094,562) (4,646,479,000)Payments to Other Retirement Systems (1,475,311) (304,071) (56,286) (63,483) (378,876) (23,291) (1,195,906) (44,964) (4,286) (2,911) (3,235) (323) (94,375) (105,778) (4,333,904) (8,087,000)Transfers to Variable Supplements Funds 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Administrative Expenses (10,885,781) (2,243,630) (415,310) (468,417) (2,795,586) (171,852) (8,824,147) (331,771) (31,626) (21,482) (23,868) (2,387) (696,361) (780,497) (31,978,285) (59,671,000)Other Changes2 595,816 122,802 22,731 25,638 153,012 9,406 482,976 18,159 1,731 1,176 1,306 131 38,114 42,719 1,750,283 3,266,000

Net Changes 1,115,187,890$ 229,847,888$ 42,559,746$ 47,984,957$ 286,383,858$ 17,591,813$ 903,961,574$ 34,002,210$ 3,254,689$ 2,211,085$ 2,435,250$ 247,499$ 71,336,086$ 79,969,865$ 3,275,913,590$ 6,112,888,000$

SubTotal 11,286,096,247$ 1,995,538,018$ 415,804,089$ 456,776,381$ 2,898,538,838$ 180,886,214$ 9,118,114,244$ 374,476,589$ 32,692,115$ 19,429,202$ 32,983,522$ 3,024,615$ 763,948,729$ 783,135,548$ 33,293,756,649$ 61,655,201,000$


Balances at June 30, 2017 11,247,772,049$ 2,318,238,857$ 429,134,245$ 483,992,113$ 2,888,541,223$ 177,553,675$ 9,117,558,820$ 342,817,471$ 32,692,115$ 22,206,317$ 24,652,174$ 2,469,191$ 719,514,878$ 806,463,318$ 33,041,594,554$ 61,655,201,000$


Balances at June 30, 2016 4,449,234,028$ 772,395,969$ 163,274,643$ 178,824,609$ 1,142,679,533$ 71,432,656$ 3,593,256,991$ 148,939,517$ 12,877,315$ 7,532,014$ 13,363,254$ 1,214,842$ 302,981,369$ 307,597,766$ 13,131,217,392$ 24,296,821,898$

Changes for the Year:Service Cost 350,349,092 72,209,208 13,366,385 15,075,593 89,973,442 5,530,918 283,997,280 10,677,745 1,017,843 691,365 768,183 76,818 22,411,741 25,119,586 1,029,192,467 1,920,457,666Interest 1,011,867,763 208,552,474 38,604,394 43,540,876 259,858,602 15,974,232 820,232,445 30,839,142 2,939,702 1,996,779 2,218,643 221,864 64,728,920 72,549,637 2,972,482,889 5,546,608,362Differences b/t Expected and Actual Experience (43,464,664) (8,958,348) (1,658,247) (1,870,293) (11,162,197) (686,171) (35,232,991) (1,324,692) (126,275) (85,771) (95,302) (9,530) (2,780,423) (3,116,361) (127,682,663) (238,253,928)Changes of Assumptions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Contributions - Employer (607,175,982) (125,143,356) (23,178,270) (26,125,101) (155,920,897) (9,571,892) (492,160,878) (18,519,306) (1,778,800) (1,208,594) (1,321,372) (136,110) (38,838,696) (43,546,055) (1,783,567,691) (3,328,193,000)Contributions - Employee (93,680,359) (19,308,126) (3,574,057) (4,031,085) (24,058,131) (1,478,920) (75,938,450) (2,855,138) (272,162) (184,865) (205,406) (20,541) (5,992,708) (6,716,763) (275,197,289) (513,514,000)Net Investment Income (1,273,753,989) (262,528,915) (48,595,778) (54,809,893) (327,113,821) (20,108,598) (1,032,520,638) (38,820,765) (3,700,541) (2,513,575) (2,792,861) (279,286) (81,481,714) (91,326,548) (3,741,805,078) (6,982,152,000)Benefit Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Payments to Other Retirement Systems 1,475,311 304,071 56,286 63,483 378,876 23,291 1,195,906 44,964 4,286 2,911 3,235 323 94,375 105,778 4,333,904 8,087,000Transfers to Variable Supplements Funds 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Administrative Expenses 10,885,781 2,243,630 415,310 468,417 2,795,586 171,852 8,824,147 331,771 31,626 21,482 23,868 2,387 696,361 780,497 31,978,285 59,671,000Other Changes (595,816) (122,802) (22,731) (25,638) (153,012) (9,406) (482,976) (18,159) (1,731) (1,176) (1,306) (131) (38,114) (42,719) (1,750,283) (3,266,000)

Net Changes (644,092,863)$ (132,752,164)$ (24,586,708)$ (27,713,641)$ (165,401,552)$ (10,154,694)$ (522,086,155)$ (19,644,438)$ (1,886,052)$ (1,281,444)$ (1,402,318)$ (144,206)$ (41,200,258)$ (46,192,948)$ (1,892,015,459)$ (3,530,554,900)$

SubTotal 3,805,141,165$ 639,643,805$ 138,687,935$ 151,110,968$ 977,277,981$ 61,277,962$ 3,071,170,836$ 129,295,079$ 10,991,263$ 6,250,570$ 11,960,936$ 1,070,636$ 261,781,111$ 261,404,818$ 11,239,201,933$ 20,766,266,998$


Balances at June 30, 2017 3,788,376,358$ 780,808,340$ 144,519,172$ 163,016,411$ 972,904,553$ 59,820,153$ 3,070,927,868$ 115,445,891$ 10,991,263$ 7,465,411$ 8,316,413$ 827,668$ 242,343,654$ 271,609,483$ 11,128,894,360$ 20,766,266,998$


Net Pension Liability



Changes in Net Pension Liability (NPL) by Source - By Obligor

Total Pension Liability

Plan Fiduciary Net Position1


Appendix APage 7d

2018Actual Employer

Employer AllocationEmployer Contributions Percentage

Transit Operating 579,615,712$ 17.164%

Transit Non-Operating 153,689,581 4.551%

Transit Authority Transit Police 25,366,149 0.751%

Transit Authority CP Engineers 27,432,045 0.812%

Housing Authority Regular 154,409,873 4.572%

Housing Authority Housing Police 10,577,579 0.313%

Health and Hospitals Corporation 507,335,245 15.023%

Off-Track Betting 18,369,307 0.544%

Housing Development Corporation / REMIC 1,724,250 0.051%

State Courts 1,379,089 0.041%

School Construction Authority 1,682,329 0.050%

Water Finance Authority 111,490 0.003%

Senior Colleges 44,827,576 1.327%

Triborough Bridge and Tunnel Authority 38,998,208 1.155%

City 1,811,505,740 53.643%

Total 3,377,024,173$ 100.000%



Schedule of Employer AllocationsJune 30, 2018


Appendix APage 7e(1)






2. Changes for the Year:a. Service Cost 1,947,712,394 0 1,947,712,394b. Interest 5,615,290,255 0 5,615,290,255c. Changes of Benefit Terms 43,998,752 0 43,998,752d. Differences b/t Expected and Actual Experience (1,762,549,696) 0 (1,762,549,696)e. Changes of Assumptions 17,732,814 0 17,732,814f. Contributions - Employer 0 3,377,024,000 (3,377,024,000)g. Contributions - Employee 0 523,535,000 (523,535,000)h. Net Investment Income 0 5,155,519,000 (5,155,519,000)i. Benefit Payments (4,983,874,000) (4,983,874,000) 0j. Payments to Other Retirement Systems 0 (9,055,000) 9,055,000k. Transfers to Variable Supplements Funds 0 0 0l. Administrative Expenses 0 (59,689,000) 59,689,000m. Other Changes 0 3,422,000 (3,422,000)

Net Changes 878,310,519$ 4,006,882,000$ (3,128,571,481)$

3. Balances at June 30, 2018 83,299,778,517$ 65,662,083,000$ 17,637,695,517$










2. Changes for the Year:a. Service Cost 334,305,355 0 334,305,355b. Interest 963,808,419 0 963,808,419c. Changes of Benefit Terms 7,551,946 0 7,551,946d. Differences b/t Expected and Actual Experience (302,524,030) 0 (302,524,030)e. Changes of Assumptions 3,043,660 0 3,043,660f. Contributions - Employer 0 579,615,712 (579,615,712)g. Contributions - Employee 0 89,859,547 (89,859,547)h. Net Investment Income 0 884,893,281 (884,893,281)i. Benefit Payments (855,432,133) (855,432,133) 0j. Payments to Other Retirement Systems 0 (1,554,200) 1,554,200k. Transfers to Variable Supplements Funds 0 0 0l. Administrative Expenses 0 (10,245,020) 10,245,020m. Other Changes 0 587,352 (587,352)

Net Changes 150,753,217$ 687,724,539$ (536,971,322)$

3. SubTotal 15,186,901,624$ 11,935,496,588$ 3,251,405,036$


5. Balances at June 30, 2018 17.164% 14,297,573,985$ 11,270,236,969$ 3,027,337,016$

Transit OperatingBalances at June 30, 2018








2. Changes for the Year:a. Service Cost 88,640,391 0 88,640,391b. Interest 255,551,860 0 255,551,860c. Changes of Benefit Terms 2,002,383 0 2,002,383d. Differences b/t Expected and Actual Experience (80,213,637) 0 (80,213,637)e. Changes of Assumptions 807,020 0 807,020f. Contributions - Employer 0 153,689,581 (153,689,581)g. Contributions - Employee 0 23,826,078 (23,826,078)h. Net Investment Income 0 234,627,670 (234,627,670)i. Benefit Payments (226,816,106) (226,816,106) 0j. Payments to Other Retirement Systems 0 (412,093) 412,093k. Transfers to Variable Supplements Funds 0 0 0l. Administrative Expenses 0 (2,716,446) 2,716,446m. Other Changes 0 155,735 (155,735)

Net Changes 39,971,911$ 182,354,419$ (142,382,508)$

3. SubTotal 3,139,019,108$ 2,500,593,276$ 638,425,832$


5. Balances at June 30, 2018 4.551% 3,790,972,920$ 2,988,285,916$ 802,687,004$

Transit Non-OperatingBalances at June 30, 2018








2. Changes for the Year:a. Service Cost 14,627,320 0 14,627,320b. Interest 42,170,830 0 42,170,830c. Changes of Benefit Terms 330,431 0 330,431d. Differences b/t Expected and Actual Experience (13,236,748) 0 (13,236,748)e. Changes of Assumptions 133,173 0 133,173f. Contributions - Employer 0 25,366,149 (25,366,149)g. Contributions - Employee 0 3,931,748 (3,931,748)h. Net Investment Income 0 38,717,948 (38,717,948)i. Benefit Payments (37,428,894) (37,428,894) 0j. Payments to Other Retirement Systems 0 (68,003) 68,003k. Transfers to Variable Supplements Funds 0 0 0l. Administrative Expenses 0 (448,264) 448,264m. Other Changes 0 25,699 (25,699)

Net Changes 6,596,112$ 30,096,383$ (23,500,271)$

3. SubTotal 580,249,529$ 459,230,628$ 121,018,901$


5. Balances at June 30, 2018 0.751% 625,581,337$ 493,140,989$ 132,440,348$

Balances at June 30, 2018TA TP









Net Changes 7,131,881$ 32,546,491$ (25,414,610)$

3. SubTotal 654,140,405$ 516,538,604$ 137,601,801$


5. Balances at June 30, 2018 0.812% 676,394,202$ 533,185,509$ 143,208,693$

TA CP EngineersBalances at June 30, 2018








2. Changes for the Year:a. Service Cost 89,049,411 0 89,049,411b. Interest 256,731,070 0 256,731,070c. Changes of Benefit Terms 2,011,623 0 2,011,623d. Differences b/t Expected and Actual Experience (80,583,772) 0 (80,583,772)e. Changes of Assumptions 810,744 0 810,744f. Contributions - Employer 0 154,409,873 (154,409,873)g. Contributions - Employee 0 23,936,020 (23,936,020)h. Net Investment Income 0 235,710,329 (235,710,329)i. Benefit Payments (227,862,719) (227,862,719) 0j. Payments to Other Retirement Systems 0 (413,995) 413,995k. Transfers to Variable Supplements Funds 0 0 0l. Administrative Expenses 0 (2,728,981) 2,728,981m. Other Changes 0 156,454 (156,454)

Net Changes 40,156,357$ 183,206,981$ (143,050,624)$

3. SubTotal 3,901,602,133$ 3,071,748,204$ 829,853,929$


5. Balances at June 30, 2018 4.572% 3,808,465,874$ 3,002,077,827$ 806,388,047$

HA RegularBalances at June 30, 2018









Net Changes 2,749,111$ 12,549,034$ (9,799,923)$

3. SubTotal 240,122,939$ 190,102,709$ 50,020,230$


5. Balances at June 30, 2018 0.313% 260,728,307$ 205,516,510$ 55,211,797$

Balances at June 30, 2018HA HP








2. Changes for the Year:a. Service Cost 292,604,833 0 292,604,833b. Interest 843,585,055 0 843,585,055c. Changes of Benefit Terms 6,609,933 0 6,609,933d. Differences b/t Expected and Actual Experience (264,787,841) 0 (264,787,841)e. Changes of Assumptions 2,664,001 0 2,664,001f. Contributions - Employer 0 507,335,245 (507,335,245)g. Contributions - Employee 0 78,650,663 (78,650,663)h. Net Investment Income 0 774,513,619 (774,513,619)i. Benefit Payments (748,727,391) (748,727,391) 0j. Payments to Other Retirement Systems 0 (1,360,333) 1,360,333k. Transfers to Variable Supplements Funds 0 0 0l. Administrative Expenses 0 (8,967,078) 8,967,078m. Other Changes 0 514,087 (514,087)

Net Changes 131,948,590$ 601,958,812$ (470,010,222)$

3. SubTotal 12,320,435,278$ 9,719,517,632$ 2,600,917,646$


5. Balances at June 30, 2018 15.023% 12,514,125,727$ 9,864,407,354$ 2,649,718,373$

HHCBalances at June 30, 2018









Net Changes 4,778,009$ 21,795,734$ (17,017,725)$

3. SubTotal 463,041,371$ 364,613,205$ 98,428,166$


5. Balances at June 30, 2018 0.544% 453,150,795$ 357,214,582$ 95,936,213$

OTBBalances at June 30, 2018








2. Changes for the Year:a. Service Cost 993,333 0 993,333b. Interest 2,863,798 0 2,863,798c. Changes of Benefit Terms 22,439 0 22,439d. Differences b/t Expected and Actual Experience (898,900) 0 (898,900)e. Changes of Assumptions 9,044 0 9,044f. Contributions - Employer 0 1,724,250 (1,724,250)g. Contributions - Employee 0 267,003 (267,003)h. Net Investment Income 0 2,629,315 (2,629,315)i. Benefit Payments (2,541,776) (2,541,776) 0j. Payments to Other Retirement Systems 0 (4,618) 4,618k. Transfers to Variable Supplements Funds 0 0 0l. Administrative Expenses 0 (30,441) 30,441m. Other Changes 0 1,745 (1,745)

Net Changes 447,938$ 2,045,478$ (1,597,540)$

3. SubTotal 44,131,316$ 34,737,593$ 9,393,723$

4. Changes in Proportionate Share (1,648,429) (1,233,103) (415,326)

5. Balances at June 30, 2018 0.051% 42,482,887$ 33,504,490$ 8,978,397$

HDC/REMICBalances at June 30, 2018









Net Changes 360,107$ 1,637,331$ (1,277,224)$

3. SubTotal 30,031,835$ 23,843,648$ 6,188,187$


5. Balances at June 30, 2018 0.041% 34,152,909$ 26,926,409$ 7,226,500$

State CourtsBalances at June 30, 2018









Net Changes 439,154$ 1,997,258$ (1,558,104)$

3. SubTotal 33,407,741$ 26,649,432$ 6,758,309$


5. Balances at June 30, 2018 0.050% 41,649,889$ 32,814,954$ 8,834,935$

Balances at June 30, 2018SCA







(a) (b) (a) - (b)1. Balances at June 30, 2017 0.004% 3,296,859$ 2,469,191$ 827,668$

2. Changes for the Year:a. Service Cost 58,431 0 58,431b. Interest 168,459 0 168,459c. Changes of Benefit Terms 1,320 0 1,320d. Differences b/t Expected and Actual Experience (52,876) 0 (52,876)e. Changes of Assumptions 532 0 532f. Contributions - Employer 0 111,490 (111,490)g. Contributions - Employee 0 15,706 (15,706)h. Net Investment Income 0 154,666 (154,666)i. Benefit Payments (149,516) (149,516) 0j. Payments to Other Retirement Systems 0 (272) 272k. Transfers to Variable Supplements Funds 0 0 0l. Administrative Expenses 0 (1,791) 1,791m. Other Changes 0 103 (103)

Net Changes 26,350$ 130,386$ (104,036)$

3. SubTotal 3,323,209$ 2,599,577$ 723,632$


5. Balances at June 30, 2018 0.003% 2,498,993$ 1,983,024$ 515,969$

WFABalances at June 30, 2018









Net Changes 11,655,180$ 53,185,791$ (41,530,611)$

3. SubTotal 973,513,712$ 772,700,669$ 200,813,043$


5. Balances at June 30, 2018 1.327% 1,105,388,061$ 871,348,991$ 234,039,070$

Senior CollegesBalances at June 30, 2018







(a) (b) (a) - (b)1. Balances at June 30, 2017 1.308% 1,078,072,801$ 806,463,318$ 271,609,483$


Net Changes 10,144,486$ 46,273,067$ (36,128,581)$

3. SubTotal 1,088,217,287$ 852,736,385$ 235,480,902$


5. Balances at June 30, 2018 1.155% 962,112,442$ 758,403,928$ 203,708,514$

TBTABalances at June 30, 2018








2. Changes for the Year:a. Service Cost 1,044,811,361 0 1,044,811,361b. Interest 3,012,210,152 0 3,012,210,152c. Changes of Benefit Terms 23,602,251 0 23,602,251d. Differences b/t Expected and Actual Experience (945,484,534) 0 (945,484,534)e. Changes of Assumptions 9,512,415 0 9,512,415f. Contributions - Employer 0 1,811,505,567 (1,811,505,567)g. Contributions - Employee 0 280,839,881 (280,839,881)h. Net Investment Income 0 2,765,575,057 (2,765,575,057)i. Benefit Payments (2,673,499,529) (2,673,499,529) 0j. Payments to Other Retirement Systems 0 (4,857,372) 4,857,372k. Transfers to Variable Supplements Funds 0 0 0l. Administrative Expenses 0 (32,018,971) 32,018,971m. Other Changes 0 1,835,663 (1,835,663)

Net Changes 471,152,116$ 2,149,380,296$ (1,678,228,180)$

3. SubTotal 44,641,641,030$ 35,190,974,850$ 9,450,666,180$


5. Balances at June 30, 2018 53.643% 44,684,500,189$ 35,223,035,548$ 9,461,464,641$

Balances at June 30, 2018City Total


Appendix APage 7f

TRANSIT TA NON- TA CP Senior OPERATING OPERATING TA TP Engineers HA Regular HA HP HHC OTB HDC/REMIC State Courts SCA WFA Colleges TBTA City Total TOTAL

Balances at June 30, 2017 15,036,148,407$ 3,099,047,197$ 573,653,417$ 647,008,524$ 3,861,445,776$ 237,373,828$ 12,188,486,688$ 458,263,362$ 43,683,378$ 29,671,728$ 32,968,587$ 3,296,859$ 961,858,532$ 1,078,072,801$ 44,170,488,914$ 82,421,467,998$

Changes for the Year:Service Cost 334,305,355 88,640,391 14,627,320 15,815,425 89,049,411 6,096,340 292,604,833 10,595,555 993,333 798,562 973,856 58,431 25,846,143 22,496,078 1,044,811,361 1,947,712,394Interest 963,808,419 255,551,860 42,170,830 45,596,157 256,731,070 17,575,858 843,585,055 30,547,179 2,863,798 2,302,269 2,807,645 168,459 74,514,902 64,856,602 3,012,210,152 5,615,290,255Changes of Benefit Terms 7,551,946 2,002,383 330,431 357,270 2,011,623 137,716 6,609,933 239,353 22,439 18,039 21,999 1,320 583,863 508,186 23,602,251 43,998,752Differences b/t Expected and Actual Experience (302,524,030) (80,213,637) (13,236,748) (14,311,904) (80,583,772) (5,516,781) (264,787,841) (9,588,270) (898,900) (722,645) (881,275) (52,876) (23,389,034) (20,357,449) (945,484,534) (1,762,549,696)Changes of Assumptions 3,043,660 807,020 133,173 143,990 810,744 55,504 2,664,001 96,467 9,044 7,270 8,866 532 235,314 204,814 9,512,415 17,732,814Benefit Payments (855,432,133) (226,816,106) (37,428,894) (40,469,057) (227,862,719) (15,599,526) (748,727,391) (27,112,275) (2,541,776) (2,043,388) (2,491,937) (149,516) (66,136,008) (57,563,745) (2,673,499,529) (4,983,874,000)

Net Changes 150,753,217$ 39,971,911$ 6,596,112$ 7,131,881$ 40,156,357$ 2,749,111$ 131,948,590$ 4,778,009$ 447,938$ 360,107$ 439,154$ 26,350$ 11,655,180$ 10,144,486$ 471,152,116$ 878,310,519$

SubTotal 15,186,901,624$ 3,139,019,108$ 580,249,529$ 654,140,405$ 3,901,602,133$ 240,122,939$ 12,320,435,278$ 463,041,371$ 44,131,316$ 30,031,835$ 33,407,741$ 3,323,209$ 973,513,712$ 1,088,217,287$ 44,641,641,030$ 83,299,778,517$

Changes in Proportionate Share (889,327,639) 651,953,812 45,331,808 22,253,797 (93,136,259) 20,605,368 193,690,449 (9,890,576) (1,648,429) 4,121,074 8,242,148 (824,216) 131,874,349 (126,104,845) 42,859,159 0

Balances at June 30, 2018 14,297,573,985$ 3,790,972,920$ 625,581,337$ 676,394,202$ 3,808,465,874$ 260,728,307$ 12,514,125,727$ 453,150,795$ 42,482,887$ 34,152,909$ 41,649,889$ 2,498,993$ 1,105,388,061$ 962,112,442$ 44,684,500,189$ 83,299,778,517$


Balances at June 30, 2017 11,247,772,049$ 2,318,238,857$ 429,134,245$ 483,992,113$ 2,888,541,223$ 177,553,675$ 9,117,558,820$ 342,817,471$ 32,692,115$ 22,206,317$ 24,652,174$ 2,469,191$ 719,514,878$ 806,463,318$ 33,041,594,554$ 61,655,201,000$

Changes for the Year:Contributions - Employer 579,615,712 153,689,581 25,366,149 27,432,045 154,409,873 10,577,579 507,335,245 18,369,307 1,724,250 1,379,089 1,682,329 111,490 44,827,576 38,998,208 1,811,505,567 3,377,024,000Contributions - Employee 89,859,547 23,826,078 3,931,748 4,251,104 23,936,020 1,638,665 78,650,663 2,848,030 267,003 214,649 261,768 15,706 6,947,309 6,046,829 280,839,881 523,535,000Net Investment Income 884,893,281 234,627,670 38,717,948 41,862,814 235,710,329 16,136,774 774,513,619 28,046,023 2,629,315 2,113,763 2,577,760 154,666 68,413,737 59,546,244 2,765,575,057 5,155,519,000Benefit Payments (855,432,133) (226,816,106) (37,428,894) (40,469,057) (227,862,719) (15,599,526) (748,727,391) (27,112,275) (2,541,776) (2,043,388) (2,491,937) (149,516) (66,136,008) (57,563,745) (2,673,499,529) (4,983,874,000)Payments to Other Retirement Systems (1,554,200) (412,093) (68,003) (73,527) (413,995) (28,342) (1,360,333) (49,259) (4,618) (3,713) (4,528) (272) (120,160) (104,585) (4,857,372) (9,055,000)Transfers to Variable Supplements Funds 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Administrative Expenses (10,245,020) (2,716,446) (448,264) (484,675) (2,728,981) (186,827) (8,967,078) (324,708) (30,441) (24,472) (29,845) (1,791) (792,073) (689,408) (32,018,971) (59,689,000)Other Changes 587,352 155,735 25,699 27,787 156,454 10,711 514,087 18,616 1,745 1,403 1,711 103 45,410 39,524 1,835,663 3,422,000

Net Changes 687,724,539$ 182,354,419$ 30,096,383$ 32,546,491$ 183,206,981$ 12,549,034$ 601,958,812$ 21,795,734$ 2,045,478$ 1,637,331$ 1,997,258$ 130,386$ 53,185,791$ 46,273,067$ 2,149,380,296$ 4,006,882,000$

SubTotal 11,935,496,588$ 2,500,593,276$ 459,230,628$ 516,538,604$ 3,071,748,204$ 190,102,709$ 9,719,517,632$ 364,613,205$ 34,737,593$ 23,843,648$ 26,649,432$ 2,599,577$ 772,700,669$ 852,736,385$ 35,190,974,850$ 65,662,083,000$

Changes in Proportionate Share (665,259,619) 487,692,640 33,910,361 16,646,905 (69,670,377) 15,413,801 144,889,722 (7,398,623) (1,233,103) 3,082,761 6,165,522 (616,553) 98,648,322 (94,332,457) 32,060,698 0

Balances at June 30, 2018 11,270,236,969$ 2,988,285,916$ 493,140,989$ 533,185,509$ 3,002,077,827$ 205,516,510$ 9,864,407,354$ 357,214,582$ 33,504,490$ 26,926,409$ 32,814,954$ 1,983,024$ 871,348,991$ 758,403,928$ 35,223,035,548$ 65,662,083,000$


Balances at June 30, 2017 3,788,376,358$ 780,808,340$ 144,519,172$ 163,016,411$ 972,904,553$ 59,820,153$ 3,070,927,868$ 115,445,891$ 10,991,263$ 7,465,411$ 8,316,413$ 827,668$ 242,343,654$ 271,609,483$ 11,128,894,360$ 20,766,266,998$

Changes for the Year:Service Cost 334,305,355 88,640,391 14,627,320 15,815,425 89,049,411 6,096,340 292,604,833 10,595,555 993,333 798,562 973,856 58,431 25,846,143 22,496,078 1,044,811,361 1,947,712,394Interest 963,808,419 255,551,860 42,170,830 45,596,157 256,731,070 17,575,858 843,585,055 30,547,179 2,863,798 2,302,269 2,807,645 168,459 74,514,902 64,856,602 3,012,210,152 5,615,290,255Changes of Benefit Terms 7,551,946 2,002,383 330,431 357,270 2,011,623 137,716 6,609,933 239,353 22,439 18,039 21,999 1,320 583,863 508,186 23,602,251 43,998,752Differences b/t Expected and Actual experience (302,524,030) (80,213,637) (13,236,748) (14,311,904) (80,583,772) (5,516,781) (264,787,841) (9,588,270) (898,900) (722,645) (881,275) (52,876) (23,389,034) (20,357,449) (945,484,534) (1,762,549,696)Changes of Assumptions 3,043,660 807,020 133,173 143,990 810,744 55,504 2,664,001 96,467 9,044 7,270 8,866 532 235,314 204,814 9,512,415 17,732,814Contributions - Employer (579,615,712) (153,689,581) (25,366,149) (27,432,045) (154,409,873) (10,577,579) (507,335,245) (18,369,307) (1,724,250) (1,379,089) (1,682,329) (111,490) (44,827,576) (38,998,208) (1,811,505,567) (3,377,024,000)Contributions - Employee (89,859,547) (23,826,078) (3,931,748) (4,251,104) (23,936,020) (1,638,665) (78,650,663) (2,848,030) (267,003) (214,649) (261,768) (15,706) (6,947,309) (6,046,829) (280,839,881) (523,535,000)Net Investment Income (884,893,281) (234,627,670) (38,717,948) (41,862,814) (235,710,329) (16,136,774) (774,513,619) (28,046,023) (2,629,315) (2,113,763) (2,577,760) (154,666) (68,413,737) (59,546,244) (2,765,575,057) (5,155,519,000)Benefit Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Payments to Other Retirement Systems 1,554,200 412,093 68,003 73,527 413,995 28,342 1,360,333 49,259 4,618 3,713 4,528 272 120,160 104,585 4,857,372 9,055,000Transfers to Variable Supplements Funds 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Administrative Expenses 10,245,020 2,716,446 448,264 484,675 2,728,981 186,827 8,967,078 324,708 30,441 24,472 29,845 1,791 792,073 689,408 32,018,971 59,689,000Other Changes (587,352) (155,735) (25,699) (27,787) (156,454) (10,711) (514,087) (18,616) (1,745) (1,403) (1,711) (103) (45,410) (39,524) (1,835,663) (3,422,000)

Net Changes (536,971,322)$ (142,382,508)$ (23,500,271)$ (25,414,610)$ (143,050,624)$ (9,799,923)$ (470,010,222)$ (17,017,725)$ (1,597,540)$ (1,277,224)$ (1,558,104)$ (104,036)$ (41,530,611)$ (36,128,581)$ (1,678,228,180)$ (3,128,571,481)$

SubTotal 3,251,405,036$ 638,425,832$ 121,018,901$ 137,601,801$ 829,853,929$ 50,020,230$ 2,600,917,646$ 98,428,166$ 9,393,723$ 6,188,187$ 6,758,309$ 723,632$ 200,813,043$ 235,480,902$ 9,450,666,180$ 17,637,695,517$

Changes in Proportionate Share (224,068,020) 164,261,172 11,421,447 5,606,892 (23,465,882) 5,191,567 48,800,727 (2,491,953) (415,326) 1,038,313 2,076,626 (207,663) 33,226,027 (31,772,388) 10,798,461 0

Balances at June 30, 2018 3,027,337,016$ 802,687,004$ 132,440,348$ 143,208,693$ 806,388,047$ 55,211,797$ 2,649,718,373$ 95,936,213$ 8,978,397$ 7,226,500$ 8,834,935$ 515,969$ 234,039,070$ 203,708,514$ 9,461,464,641$ 17,637,695,517$









Appendix APage 8

2018 2017 2016 2015 2014 20131. Total Pension Liability

a. Service Cost 1,947,712,394$ 1,920,457,666$ 1,899,994,413$ 1,832,487,270$ 1,807,063,169$ 1,754,430,261$ b. Interest 5,615,290,255 5,546,608,362 5,372,603,831 5,071,014,309 4,910,458,886 4,728,226,227c. Changes of Benefit Terms 43,998,752 0 0 0 0 0d. Differences b/t Expected and Actual Experience (1,762,549,696) (238,253,928) (817,971,278) (288,598,641) 0 0e. Changes of Assumptions 17,732,814 0 2,563,091,847 0 0 0f. Benefit Payments (4,983,874,000) (4,646,479,000) (4,494,146,000) (4,324,135,000) (4,002,681,000) (3,863,595,000)g. Net Changes in Total Pension Liability 878,310,519$ 2,582,333,100$ 4,523,572,813$ 2,290,767,938$ 2,714,841,055$ 2,619,061,488$

2. Total Pension Liability - Beginning 82,421,467,998$ 79,839,134,898$ 75,315,562,085$ 73,024,794,147$ 70,309,953,092$ 67,690,891,604$ 3. Total Pension Liability - Ending 83,299,778,517$ 82,421,467,998$ 79,839,134,898$ 75,315,562,085$ 73,024,794,147$ 70,309,953,092$

4. Plan Fiduciary Net Positiona. Contributions - Employer 3,377,024,000$ 3,328,193,000$ 3,365,454,000$ 3,160,258,000$ 3,114,068,000$ 3,046,845,000$ b. Contributions - Employee 523,535,000 513,514,000 485,508,000 467,129,000 447,689,000 437,775,000c. Net Investment Income 5,155,519,000 6,982,152,000 1,171,904,000 1,175,109,000 8,262,487,000 4,967,056,000d. Benefit Payments (4,983,874,000) (4,646,479,000) (4,494,146,000) (4,324,135,000) (4,002,681,000) (3,863,595,000)e. Payments to Other Retirement Systems (9,055,000) (8,087,000) (7,440,000) (7,142,000) (7,228,000) (5,250,000)f. Transfers to Variable Supplements Fund 0 0 0 0 0 0g. Administrative Expenses (59,689,000) (59,671,000) (56,683,000) (54,635,000) (50,431,000) (48,666,000)h. Other Changes 3,422,000 3,266,000 2,928,000 (347,323,000) 4,881,000 5,072,000i. Net Changes in Fiduciary Net Position 4,006,882,000$ 6,112,888,000$ 467,525,000$ 69,261,000$ 7,768,785,000$ 4,539,237,000$

5. Plan Fiduciary Net Position - Beginning 61,655,201,000$ 55,542,313,000$ 55,074,788,000$ 55,005,527,000$ 47,236,742,000$ 42,697,505,000$ 6. Plan Fiduciary Net Position - Ending 65,662,083,000$ 61,655,201,000$ 55,542,313,000$ 55,074,788,000$ 55,005,527,000$ 47,236,742,000$

7. NYCERS' Net Pension Liability 17,637,695,517$ 20,766,266,998$ 24,296,821,898$ 20,240,774,085$ 18,019,267,147$ 23,073,211,092$

8. Plan Fiduciary Net Position as a Percentageof Total Pension Liability 78.8% 74.8% 69.6% 73.1% 75.3% 67.2%

9. Covered Employee Payroll 1 12,834,129,514$ 12,555,241,827$ 12,336,979,280$ 12,314,958,283$ 12,183,010,903$ 11,955,093,092$

10. NYCERS' Net Pension Liability as a Percentageof Covered Employee Payroll 137.4% 165.4% 196.9% 164.4% 147.9% 193.0%

1 Projected Employee Payroll at Time 1.0 under One-Year Lag Methodology.



Schedule of Changes in Net Pension Liability and Related Ratios


Appendix APage 9

Fiscal Year Ended June 30 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009

Actuarially Determined Contribution 3,377,024$ 3,328,193$ 3,365,454$ 3,160,258$ 3,114,068$ 3,046,845$ 3,017,004$ 2,387,216$ 2,197,717$ 2,150,438$

Contributions in relation to the Actuarially Determined Contribution 3,377,024$ 3,328,193$ 3,365,454$ 3,160,258$ 3,114,068$ 3,046,845$ 3,017,004$ 2,387,216$ 2,197,717$ 2,150,438$

Contribution Deficency (Excess) 0 0 0 0 0 0 0 0 0 0

Contributions as a percentage of Covered employee payroll1 26.313% 26.508% 27.279% 25.662% 25.561% 25.486% 25.540% 20.820% 20.020% 20.570%

1 The Employer Rate of Contribution equals the Statutory Contribution as a percentage of the salaries of members who were on payroll or projected to be on payroll (under One-Year Lag Methodology) as of the preceding June 30 increased to reflect overtime earnings and adjusted, where applicable, to be consistent with collective bargaining agreements estimated to be achieved.



Schedule of Employer Contributions ($ in thousands)


Appendix APage 10

Average ExpectedRemaining Service Life

Group # Count @ 6/30/2017Active 185,481 11.66Active/Inactive 17,989 0Terminated Vested 8,895 0Retired 147,514 0 Total 359,879 6.01



Average Expected Remaining Service Lives


Appendix APage 11a

Differencesbetween Expected Recognition

and Actual PeriodYear Expereince (Years) 2015 2016 2017 2018 2019 2020 2021 2022 2023 20242015 (288,598,641)$ 3.37 (85,637,579) (85,637,579) (85,637,579) (31,685,904)2016 (817,971,278)$ 3.33 (245,637,020) (245,637,020) (245,637,020) (81,060,218)2017 (238,253,928)$ 5.60 (42,545,344) (42,545,344) (42,545,344) (42,545,344) (42,545,344) (25,527,208)2018 (1,762,549,696)$ 6.01 (293,269,500) (293,269,500) (293,269,500) (293,269,500) (293,269,500) (293,269,500) (2,932,696)

Net increase (decrease) in Pension Expense (85,637,579)$ (331,274,599)$ (373,819,943)$ (613,137,768)$ (416,875,062)$ (335,814,844)$ (335,814,844)$ (318,796,708)$ (293,269,500)$ (2,932,696)$



Increase (Decrease) in Pension Expense Arising from the Recognition of Differencesbetween Expected and Actual Experience


Appendix APage 11b

RecognitionChanges in Period

Year Assumptions (Years) 2016 2017 2018 2019 2020 2021 2022 2023 20242016 2,563,091,847$ 3.33 769,697,251 769,697,251 769,697,251 254,000,0942017 0 0.00 0 0 02018 17,732,814 6.01 2,950,551 2,950,551 2,950,551 2,950,551 2,950,551 2,950,551 29,508

Net increase (decrease) in Pension Expense 769,697,251$ 769,697,251$ 772,647,802$ 256,950,645$ 2,950,551$ 2,950,551$ 2,950,551$ 2,950,551$ 29,508$



Increase (Decrease) in Pension Expense Arising from the Recognition ofChanges in Assumptions


Appendix APage 11c

Differencesbetween Projected

and ActualEarnings on RecognitionPension Plan Period

Year Investments (Years) 2013 2014 2015 2016 2017 2018 2019 2020 2021 20222013 (1,992,951,901)$ 5 (398,590,379) (398,590,379) (398,590,379) (398,590,379) (398,590,385)2014 (4,972,903,346)$ 5 (994,580,670) (994,580,670) (994,580,670) (994,580,670) (994,580,666)2015 2,624,717,092$ 5 524,943,419 524,943,419 524,943,419 524,943,419 524,943,4162016 2,659,093,478$ 5 531,818,694 531,818,694 531,818,694 531,818,694 531,818,7022017 (3,124,101,464)$ 5 (624,820,294) (624,820,294) (624,820,294) (624,820,294) (624,820,288)2018 (879,179,528) 5 (175,835,906) (175,835,906) (175,835,906) (175,835,906) (175,835,904)

Net increase (decrease) in Pension Expense (398,590,379)$ (1,393,171,049)$ (868,227,630)$ (336,408,936)$ (961,229,236)$ (738,474,753)$ 256,105,910$ (268,837,498)$ (800,656,194)$ (175,835,904)$



Increase (Decrease) in Pension Expense Arising from the Recognition of Differencesbetween Projected and Actual Earnings on Pension Plan Investments


Appendix APage 12a(1)



Changes in Proportionate Share at 6/30/2015

Transit Operating (1) (2) (3) (3) - (2)Proportionate Proportionate

Collective Share Share Change in RecognitionAmount at 6/30/2014 at 6/30/2015 Proportionate Period

at 6/30/2014 19.501% 18.840% Share (Years) 2015 2016 2017 2018Deferred Outflows

of Resources 0 0 0 0 3.37 0 0 0 0

Deferred Inflowsof Resources (5,174,093,819) (1,009,000,036) (974,799,275) 34,200,761 3.37 10,148,594 10,148,594 10,148,594 3,754,979

Net Pension Liability (18,019,267,147) (3,513,937,286) (3,394,829,930) 119,107,356 3.37 35,343,429 35,343,429 35,343,429 13,077,069

Total (23,193,360,966) (4,522,937,322) (4,369,629,205) 153,308,117 45,492,023 45,492,023 45,492,023 16,832,048

TA Non-Operating (1) (2) (3) (3) - (2)Proportionate Proportionate



of Resources 0 0 0 0 3.37 0 0 0 0

Deferred Inflowsof Resources (5,174,093,819) (129,197,123) (145,495,518) (16,298,395) 3.37 (4,836,319) (4,836,319) (4,836,319) (1,789,438)

Net Pension Liability (18,019,267,147) (449,941,101) (506,701,792) (56,760,691) 3.37 (16,842,935) (16,842,935) (16,842,935) (6,231,886)

Total (23,193,360,966) (579,138,224) (652,197,310) (73,059,086) (21,679,254) (21,679,254) (21,679,254) (8,021,324)

TA TP (1) (2) (3) (3) - (2)Proportionate Proportionate



of Resources 0 0 0 0 3.37 0 0 0 0

Deferred Inflowsof Resources (5,174,093,819) (33,372,905) (34,149,019) (776,114) 3.37 (230,301) (230,301) (230,301) (85,211)

Net Pension Liability (18,019,267,147) (116,224,273) (118,927,163) (2,702,890) 3.37 (802,045) (802,045) (802,045) (296,755)

Total (23,193,360,966) (149,597,178) (153,076,182) (3,479,004) (1,032,346) (1,032,346) (1,032,346) (381,966)

TA CP Engineers (1) (2) (3) (3) - (2)Proportionate Proportionate



of Resources 0 0 0 0 3.37 0 0 0 0

Deferred Inflowsof Resources (5,174,093,819) (39,840,522) (37,667,403) 2,173,119 3.37 644,842 644,842 644,842 238,593

Net Pension Liability (18,019,267,147) (138,748,357) (131,180,265) 7,568,092 3.37 2,245,725 2,245,725 2,245,725 830,917

Total (23,193,360,966) (178,588,879) (168,847,668) 9,741,211 2,890,567 2,890,567 2,890,567 1,069,510

For the Fiscal Year Ended June 30

Amount to Recognize in Pension ExpenseFor the Fiscal Year Ended June 30


Amount to Recognize in Pension Expense







HA Regular (1) (2) (3) (3) - (2)Proportionate Proportionate



of Resources 0 0 0 0 3.37 0 0 0 0

Deferred Inflowsof Resources (5,174,093,819) (243,906,783) (246,804,275) (2,897,492) 3.37 (859,790) (859,790) (859,790) (318,122)


Total (23,193,360,966) (1,093,335,036) (1,106,323,318) (12,988,282) (3,854,090) (3,854,090) (3,854,090) (1,426,012)

HA HP (1) (2) (3) (3) - (2)Proportionate Proportionate



of Resources 0 0 0 0 3.37 0 0 0 0

Deferred Inflowsof Resources (5,174,093,819) (15,884,468) (15,625,763) 258,705 3.37 76,767 76,767 76,767 28,404

Net Pension Liability (18,019,267,147) (55,319,150) (54,418,187) 900,963 3.37 267,348 267,348 267,348 98,919

Total (23,193,360,966) (71,203,618) (70,043,950) 1,159,668 344,115 344,115 344,115 127,323

HHC (1) (2) (3) (3) - (2)Proportionate Proportionate



of Resources 0 0 0 0 3.37 0 0 0 0


Net Pension Liability (18,019,267,147) (2,521,075,667) (2,528,103,181) (7,027,514) 3.37 (2,085,316) (2,085,316) (2,085,316) (771,566)

Total (23,193,360,966) (3,244,983,133) (3,254,028,544) (9,045,411) (2,684,098) (2,684,098) (2,684,098) (993,117)

OTB (1) (2) (3) (3) - (2)Proportionate Proportionate



of Resources 0 0 0 0 3.37 0 0 0 0



Total (23,193,360,966) (79,785,162) (83,959,967) (4,174,805) (1,238,814) (1,238,814) (1,238,814) (458,363)










HDC/REMIC (1) (2) (3) (3) - (2)Proportionate Proportionate



of Resources 0 0 0 0 3.37 0 0 0 0



Total (23,193,360,966) (12,524,415) (12,292,482) 231,933 68,822 68,822 68,822 25,467

State Courts (1) (2) (3) (3) - (2)Proportionate Proportionate



of Resources 0 0 0 0 3.37 0 0 0 0



Total (23,193,360,966) (7,885,743) (7,421,875) 463,868 137,646 137,646 137,646 50,930

SCA (1) (2) (3) (3) - (2)Proportionate Proportionate



of Resources 0 0 0 0 3.37 0 0 0 0


Net Pension Liability (18,019,267,147) (8,649,248) (7,568,092) 1,081,156 3.37 320,818 320,818 320,818 118,702

Total (23,193,360,966) (11,132,813) (9,741,211) 1,391,602 412,938 412,938 412,938 152,788

WFA (1) (2) (3) (3) - (2)Proportionate Proportionate



of Resources 0 0 0 0 3.37 0 0 0 0

Deferred Inflowsof Resources (5,174,093,819) (258,705) (258,705) 0 3.37 0 0 0 0

Net Pension Liability (18,019,267,147) (900,963) (900,963) 0 3.37 0 0 0 0

Total (23,193,360,966) (1,159,668) (1,159,668) 0 0 0 0 0

For the Fiscal Year Ended June 30Amount to Recognize in Pension Expense









Senior College (1) (2) (3) (3) - (2)Proportionate Proportionate



of Resources 0 0 0 0 3.37 0 0 0 0

Deferred Inflowsof Resources (5,174,093,819) (59,553,820) (63,175,686) (3,621,866) 3.37 (1,074,738) (1,074,738) (1,074,738) (397,652)


Total (23,193,360,966) (266,955,585) (283,190,938) (16,235,353) (4,817,612) (4,817,612) (4,817,612) (1,782,517)

TBTA (1) (2) (3) (3) - (2)Proportionate Proportionate



of Resources 0 0 0 0 3.37 0 0 0 0



Total (23,193,360,966) (252,807,635) (279,480,000) (26,672,365) (7,914,648) (7,914,648) (7,914,648) (2,928,421)

City (1) (2) (3) (3) - (2)Proportionate Proportionate



of Resources 0 0 0 0 3.37 0 0 0 0

Deferred Inflowsof Resources (5,174,093,819) (2,837,938,718) (2,842,543,663) (4,604,945) 3.37 (1,366,452) (1,366,452) (1,366,452) (505,589)

Net Pension Liability (18,019,267,147) (9,883,387,837) (9,899,424,985) (16,037,148) 3.37 (4,758,797) (4,758,797) (4,758,797) (1,760,757)

Total (23,193,360,966) (12,721,326,555) (12,741,968,648) (20,642,093) (6,125,249) (6,125,249) (6,125,249) (2,266,346)













of Resources 2,099,773,673 395,597,360 384,510,555 (11,086,805) 3.33 (3,329,371) (3,329,371) (3,329,371) (1,098,692)

Deferred Inflowsof Resources (3,983,883,832) (750,563,714) (729,528,807) 21,034,907 3.33 6,316,789 6,316,789 6,316,789 2,084,540


Total (22,124,884,244) (4,168,328,192) (4,051,508,802) 116,819,390 35,080,898 35,080,898 35,080,898 11,576,696




of Resources 2,099,773,673 59,045,636 66,751,805 7,706,169 3.33 2,314,165 2,314,165 2,314,165 763,674



Total (22,124,884,244) (622,151,744) (703,350,070) (81,198,326) (24,383,882) (24,383,882) (24,383,882) (8,046,680)




of Resources 2,099,773,673 13,858,506 14,110,479 251,973 3.33 75,668 75,668 75,668 24,969



Total (22,124,884,244) (146,024,236) (148,679,222) (2,654,986) (797,292) (797,292) (797,292) (263,110)




of Resources 2,099,773,673 15,286,352 15,454,334 167,982 3.33 50,445 50,445 50,445 16,647



Total (22,124,884,244) (161,069,157) (162,839,148) (1,769,991) (531,529) (531,529) (531,529) (175,404)














of Resources 2,099,773,673 100,159,204 98,752,356 (1,406,848) 3.33 (422,477) (422,477) (422,477) (139,417)

Deferred Inflowsof Resources (3,983,883,832) (190,031,259) (187,362,057) 2,669,202 3.33 801,562 801,562 801,562 264,516

Net Pension Liability (20,240,774,085) (965,484,924) (951,923,605) 13,561,319 3.33 4,072,468 4,072,468 4,072,468 1,343,915

Total (22,124,884,244) (1,055,356,979) (1,040,533,306) 14,823,673 4,451,553 4,451,553 4,451,553 1,469,014




of Resources 2,099,773,673 6,341,316 6,173,335 (167,981) 3.33 (50,445) (50,445) (50,445) (16,646)



Total (22,124,884,244) (66,817,151) (65,047,159) 1,769,992 531,529 531,529 531,529 175,405




of Resources 2,099,773,673 294,598,246 310,535,528 15,937,282 3.33 4,785,971 4,785,971 4,785,971 1,579,369


Net Pension Liability (20,240,774,085) (2,839,780,604) (2,993,408,079) (153,627,475) 3.33 (46,134,377) (46,134,377) (46,134,377) (15,224,344)

Total (22,124,884,244) (3,104,121,260) (3,272,049,131) (167,927,871) (50,428,790) (50,428,790) (50,428,790) (16,641,501)




of Resources 2,099,773,673 7,601,181 12,871,613 5,270,432 3.33 1,582,712 1,582,712 1,582,712 522,296



Total (22,124,884,244) (80,092,080) (135,625,540) (55,533,460) (16,676,715) (16,676,715) (16,676,715) (5,503,315)













of Resources 2,099,773,673 1,112,880 1,112,880 0 3.33 0 0 0 0

Deferred Inflowsof Resources (3,983,883,832) (2,111,458) (2,111,458) 0 3.33 0 0 0 0

Net Pension Liability (20,240,774,085) (10,727,610) (10,727,610) 0 3.33 0 0 0 0

Total (22,124,884,244) (11,726,188) (11,726,188) 0 0 0 0 0




of Resources 2,099,773,673 671,928 650,930 (20,998) 3.33 (6,306) (6,306) (6,306) (2,080)



Total (22,124,884,244) (7,079,963) (6,858,714) 221,249 66,441 66,441 66,441 21,926




of Resources 2,099,773,673 881,905 1,154,876 272,971 3.33 81,973 81,973 81,973 27,052



Total (22,124,884,244) (9,292,451) (12,168,686) (2,876,235) (863,734) (863,734) (863,734) (285,033)




of Resources 2,099,773,673 104,989 104,989 0 3.33 0 0 0 0

Deferred Inflowsof Resources (3,983,883,832) (199,194) (199,194) 0 3.33 0 0 0 0

Net Pension Liability (20,240,774,085) (1,012,039) (1,012,039) 0 3.33 0 0 0 0

Total (22,124,884,244) (1,106,244) (1,106,244) 0 0 0 0 0













of Resources 2,099,773,673 25,638,237 26,184,178 545,941 3.33 163,946 163,946 163,946 54,103


Net Pension Liability (20,240,774,085) (247,139,852) (252,402,453) (5,262,601) 3.33 (1,580,361) (1,580,361) (1,580,361) (521,518)

Total (22,124,884,244) (270,144,837) (275,897,306) (5,752,469) (1,727,469) (1,727,469) (1,727,469) (570,062)




of Resources 2,099,773,673 25,302,273 26,583,135 1,280,862 3.33 384,643 384,643 384,643 126,933



Total (22,124,884,244) (266,604,855) (280,101,034) (13,496,179) (4,052,906) (4,052,906) (4,052,906) (1,337,461)




of Resources 2,099,773,673 1,153,573,660 1,134,822,680 (18,750,980) 3.33 (5,630,924) (5,630,924) (5,630,924) (1,858,208)

Deferred Inflowsof Resources (3,983,883,832) (2,188,666,100) (2,153,090,018) 35,576,082 3.33 10,683,508 10,683,508 10,683,508 3,525,558


Total (22,124,884,244) (12,154,968,907) (11,957,393,694) 197,575,213 59,331,896 59,331,896 59,331,896 19,579,525






Appendix APage 12c(1)






at 6/30/2016 18.312% 18.243% Share (Years) 2017 2018 2019 2020 2021 2022Deferred Outflows

of Resources 5,495,499,634 1,006,335,893 1,002,543,998 (3,791,895) 5.60 (677,124) (677,124) (677,124) (677,124) (677,124) (406,275)

Deferred Inflowsof Resources (3,077,409,462) (563,535,221) (561,411,808) 2,123,413 5.60 379,181 379,181 379,181 379,181 379,181 227,508

Net Pension Liability (24,296,821,898) (4,449,234,026) (4,432,469,219) 16,764,807 5.60 2,993,716 2,993,716 2,993,716 2,993,716 2,993,716 1,796,227

Total (21,878,731,726) (4,006,433,354) (3,991,337,029) 15,096,325 2,695,773 2,695,773 2,695,773 2,695,773 2,695,773 1,617,460




of Resources 5,495,499,634 174,701,933 206,630,786 31,928,853 5.60 5,701,581 5,701,581 5,701,581 5,701,581 5,701,581 3,420,948

Deferred Inflowsof Resources (3,077,409,462) (97,830,847) (115,710,596) (17,879,749) 5.60 (3,192,812) (3,192,812) (3,192,812) (3,192,812) (3,192,812) (1,915,689)

Net Pension Liability (24,296,821,898) (772,395,968) (913,560,503) (141,164,535) 5.60 (25,207,953) (25,207,953) (25,207,953) (25,207,953) (25,207,953) (15,124,770)

Total (21,878,731,726) (695,524,882) (822,640,313) (127,115,431) (22,699,184) (22,699,184) (22,699,184) (22,699,184) (22,699,184) (13,619,511)




of Resources 5,495,499,634 36,929,758 38,248,677 1,318,919 5.60 235,521 235,521 235,521 235,521 235,521 141,314

Deferred Inflowsof Resources (3,077,409,462) (20,680,192) (21,418,770) (738,578) 5.60 (131,889) (131,889) (131,889) (131,889) (131,889) (79,133)

Net Pension Liability (24,296,821,898) (163,274,643) (169,105,880) (5,831,237) 5.60 (1,041,292) (1,041,292) (1,041,292) (1,041,292) (1,041,292) (624,777)

Total (21,878,731,726) (147,025,077) (152,275,973) (5,250,896) (937,660) (937,660) (937,660) (937,660) (937,660) (562,596)




of Resources 5,495,499,634 40,446,877 43,139,672 2,692,795 5.60 480,856 480,856 480,856 480,856 480,856 288,515

Deferred Inflowsof Resources (3,077,409,462) (22,649,734) (24,157,664) (1,507,930) 5.60 (269,273) (269,273) (269,273) (269,273) (269,273) (161,565)


Total (21,878,731,726) (161,027,466) (171,748,044) (10,720,578) (1,914,389) (1,914,389) (1,914,389) (1,914,389) (1,914,389) (1,148,633)














of Resources 5,495,499,634 258,453,348 257,464,158 (989,190) 5.60 (176,641) (176,641) (176,641) (176,641) (176,641) (105,985)

Deferred Inflowsof Resources (3,077,409,462) (144,730,567) (144,176,633) 553,934 5.60 98,917 98,917 98,917 98,917 98,917 59,349

Net Pension Liability (24,296,821,898) (1,142,679,534) (1,138,306,106) 4,373,428 5.60 780,969 780,969 780,969 780,969 780,969 468,583

Total (21,878,731,726) (1,028,956,753) (1,025,018,581) 3,938,172 703,245 703,245 703,245 703,245 703,245 421,947




of Resources 5,495,499,634 16,156,769 15,827,039 (329,730) 5.60 (58,880) (58,880) (58,880) (58,880) (58,880) (35,330)


Net Pension Liability (24,296,821,898) (71,432,656) (69,974,847) 1,457,809 5.60 260,323 260,323 260,323 260,323 260,323 156,194

Total (21,878,731,726) (64,323,471) (63,010,747) 1,312,724 234,415 234,415 234,415 234,415 234,415 140,649




of Resources 5,495,499,634 812,729,441 812,674,486 (54,955) 5.60 (9,813) (9,813) (9,813) (9,813) (9,813) (5,890)


Net Pension Liability (24,296,821,898) (3,593,256,990) (3,593,014,022) 242,968 5.60 43,387 43,387 43,387 43,387 43,387 26,033

Total (21,878,731,726) (3,235,645,634) (3,235,426,847) 218,787 39,069 39,069 39,069 39,069 39,069 23,442




of Resources 5,495,499,634 33,687,413 30,554,978 (3,132,435) 5.60 (559,363) (559,363) (559,363) (559,363) (559,363) (335,620)


Net Pension Liability (24,296,821,898) (148,939,518) (135,090,330) 13,849,188 5.60 2,473,069 2,473,069 2,473,069 2,473,069 2,473,069 1,483,843

Total (21,878,731,726) (134,116,625) (121,645,749) 12,470,876 2,226,942 2,226,942 2,226,942 2,226,942 2,226,942 1,336,166













of Resources 5,495,499,634 2,912,615 2,912,615 0 5.60 0 0 0 0 0 0

Deferred Inflowsof Resources (3,077,409,462) (1,631,027) (1,631,027) 0 5.60 0 0 0 0 0 0

Net Pension Liability (24,296,821,898) (12,877,316) (12,877,316) 0 5.60 0 0 0 0 0 0

Total (21,878,731,726) (11,595,728) (11,595,728) 0 0 0 0 0 0 0




of Resources 5,495,499,634 1,703,605 1,978,380 274,775 5.60 49,067 49,067 49,067 49,067 49,067 29,440

Deferred Inflowsof Resources (3,077,409,462) (953,997) (1,107,867) (153,870) 5.60 (27,477) (27,477) (27,477) (27,477) (27,477) (16,485)

Net Pension Liability (24,296,821,898) (7,532,015) (8,746,856) (1,214,841) 5.60 (216,936) (216,936) (216,936) (216,936) (216,936) (130,161)

Total (21,878,731,726) (6,782,407) (7,876,343) (1,093,936) (195,346) (195,346) (195,346) (195,346) (195,346) (117,206)




of Resources 5,495,499,634 3,022,525 2,198,200 (824,325) 5.60 (147,201) (147,201) (147,201) (147,201) (147,201) (88,320)


Net Pension Liability (24,296,821,898) (13,363,252) (9,718,729) 3,644,523 5.60 650,808 650,808 650,808 650,808 650,808 390,483

Total (21,878,731,726) (12,033,302) (8,751,493) 3,281,809 586,038 586,038 586,038 586,038 586,038 351,619




of Resources 5,495,499,634 274,775 219,820 (54,955) 5.60 (9,813) (9,813) (9,813) (9,813) (9,813) (5,890)

Deferred Inflowsof Resources (3,077,409,462) (153,870) (123,096) 30,774 5.60 5,495 5,495 5,495 5,495 5,495 3,299

Net Pension Liability (24,296,821,898) (1,214,841) (971,873) 242,968 5.60 43,387 43,387 43,387 43,387 43,387 26,033

Total (21,878,731,726) (1,093,936) (875,149) 218,787 39,069 39,069 39,069 39,069 39,069 23,442













of Resources 5,495,499,634 68,528,880 64,132,481 (4,396,399) 5.60 (785,071) (785,071) (785,071) (785,071) (785,071) (471,044)


Net Pension Liability (24,296,821,898) (302,981,369) (283,543,912) 19,437,457 5.60 3,470,974 3,470,974 3,470,974 3,470,974 3,470,974 2,082,587

Total (21,878,731,726) (272,827,785) (255,324,799) 17,502,986 3,125,533 3,125,533 3,125,533 3,125,533 3,125,533 1,875,321




of Resources 5,495,499,634 69,573,025 71,881,135 2,308,110 5.60 412,163 412,163 412,163 412,163 412,163 247,295

Deferred Inflowsof Resources (3,077,409,462) (38,960,004) (40,252,516) (1,292,512) 5.60 (230,806) (230,806) (230,806) (230,806) (230,806) (138,482)


Total (21,878,731,726) (276,984,744) (286,173,811) (9,189,067) (1,640,905) (1,640,905) (1,640,905) (1,640,905) (1,640,905) (984,542)




of Resources 5,495,499,634 2,970,042,777 2,945,093,209 (24,949,568) 5.60 (4,455,282) (4,455,282) (4,455,282) (4,455,282) (4,455,282) (2,673,158)

Deferred Inflowsof Resources (3,077,409,462) (1,663,185,944) (1,649,214,505) 13,971,437 5.60 2,494,900 2,494,900 2,494,900 2,494,900 2,494,900 1,496,937

Net Pension Liability (24,296,821,898) (13,131,217,395) (13,020,909,823) 110,307,573 5.60 19,697,782 19,697,782 19,697,782 19,697,782 19,697,782 11,818,663

Total (21,878,731,726) (11,824,360,562) (11,725,031,119) 99,329,442 17,737,400 17,737,400 17,737,400 17,737,400 17,737,400 10,642,442






Appendix APage 12d(1)






at 6/30/2017 18.243% 17.164% Share (Years) 2018 2019 2020 2021 2022 2023 2024Deferred Outflows

of Resources 1,023,697,345 186,753,107 175,707,412 (11,045,695) 6.01 (1,837,886) (1,837,886) (1,837,886) (1,837,886) (1,837,886) (1,837,886) (18,379)

Deferred Inflowsof Resources (1,402,610,637) (255,878,259) (240,744,090) 15,134,169 6.01 2,518,165 2,518,165 2,518,165 2,518,165 2,518,165 2,518,165 25,179

Net Pension Liability (20,766,266,998) (3,788,390,088) (3,564,322,068) 224,068,020 6.01 37,282,532 37,282,532 37,282,532 37,282,532 37,282,532 37,282,532 372,828

Total (21,145,180,290) (3,857,515,240) (3,629,358,746) 228,156,494 37,962,811 37,962,811 37,962,811 37,962,811 37,962,811 37,962,811 379,628




of Resources 1,023,697,345 38,491,020 46,588,466 8,097,446 6.01 1,347,329 1,347,329 1,347,329 1,347,329 1,347,329 1,347,329 13,472

Deferred Inflowsof Resources (1,402,610,637) (52,738,160) (63,832,810) (11,094,650) 6.01 (1,846,032) (1,846,032) (1,846,032) (1,846,032) (1,846,032) (1,846,032) (18,458)

Net Pension Liability (20,766,266,998) (780,811,639) (945,072,811) (164,261,172) 6.01 (27,331,310) (27,331,310) (27,331,310) (27,331,310) (27,331,310) (27,331,310) (273,312)

Total (21,145,180,290) (795,058,779) (962,317,155) (167,258,376) (27,830,013) (27,830,013) (27,830,013) (27,830,013) (27,830,013) (27,830,013) (278,298)




of Resources 1,023,697,345 7,124,934 7,687,967 563,033 6.01 93,683 93,683 93,683 93,683 93,683 93,683 935

Deferred Inflowsof Resources (1,402,610,637) (9,762,170) (10,533,606) (771,436) 6.01 (128,359) (128,359) (128,359) (128,359) (128,359) (128,359) (1,282)


Total (21,145,180,290) (147,170,454) (158,800,304) (11,629,850) (1,935,083) (1,935,083) (1,935,083) (1,935,083) (1,935,083) (1,935,083) (19,352)




of Resources 1,023,697,345 8,036,024 8,312,422 276,398 6.01 45,990 45,990 45,990 45,990 45,990 45,990 458

Deferred Inflowsof Resources (1,402,610,637) (11,010,494) (11,389,198) (378,704) 6.01 (63,012) (63,012) (63,012) (63,012) (63,012) (63,012) (632)

Net Pension Liability (20,766,266,998) (163,015,196) (168,622,088) (5,606,892) 6.01 (932,927) (932,927) (932,927) (932,927) (932,927) (932,927) (9,330)

Total (21,145,180,290) (165,989,666) (171,698,864) (5,709,198) (949,949) (949,949) (949,949) (949,949) (949,949) (949,949) (9,504)
















of Resources 1,023,697,345 47,960,221 46,803,443 (1,156,778) 6.01 (192,476) (192,476) (192,476) (192,476) (192,476) (192,476) (1,922)

Deferred Inflowsof Resources (1,402,610,637) (65,712,308) (64,127,358) 1,584,950 6.01 263,719 263,719 263,719 263,719 263,719 263,719 2,636

Net Pension Liability (20,766,266,998) (972,899,609) (949,433,727) 23,465,882 6.01 3,904,473 3,904,473 3,904,473 3,904,473 3,904,473 3,904,473 39,044

Total (21,145,180,290) (990,651,696) (966,757,642) 23,894,054 3,975,716 3,975,716 3,975,716 3,975,716 3,975,716 3,975,716 39,758




of Resources 1,023,697,345 2,948,248 3,204,173 255,925 6.01 42,583 42,583 42,583 42,583 42,583 42,583 427

Deferred Inflowsof Resources (1,402,610,637) (4,039,519) (4,390,171) (350,652) 6.01 (58,345) (58,345) (58,345) (58,345) (58,345) (58,345) (582)


Total (21,145,180,290) (60,898,120) (66,184,414) (5,286,294) (879,583) (879,583) (879,583) (879,583) (879,583) (879,583) (8,796)




of Resources 1,023,697,345 151,384,363 153,790,052 2,405,689 6.01 400,281 400,281 400,281 400,281 400,281 400,281 4,003

Deferred Inflowsof Resources (1,402,610,637) (207,418,061) (210,714,196) (3,296,135) 6.01 (548,442) (548,442) (548,442) (548,442) (548,442) (548,442) (5,483)

Net Pension Liability (20,766,266,998) (3,070,915,564) (3,119,716,291) (48,800,727) 6.01 (8,119,921) (8,119,921) (8,119,921) (8,119,921) (8,119,921) (8,119,921) (81,201)

Total (21,145,180,290) (3,126,949,262) (3,176,640,435) (49,691,173) (8,268,082) (8,268,082) (8,268,082) (8,268,082) (8,268,082) (8,268,082) (82,681)




of Resources 1,023,697,345 5,691,757 5,568,914 (122,843) 6.01 (20,440) (20,440) (20,440) (20,440) (20,440) (20,440) (203)

Deferred Inflowsof Resources (1,402,610,637) (7,798,515) (7,630,202) 168,313 6.01 28,005 28,005 28,005 28,005 28,005 28,005 283

Net Pension Liability (20,766,266,998) (115,460,445) (112,968,492) 2,491,953 6.01 414,634 414,634 414,634 414,634 414,634 414,634 4,149

Total (21,145,180,290) (117,567,203) (115,029,780) 2,537,423 422,199 422,199 422,199 422,199 422,199 422,199 4,229

















of Resources 1,023,697,345 542,560 522,086 (20,474) 6.01 (3,407) (3,407) (3,407) (3,407) (3,407) (3,407) (32)

Deferred Inflowsof Resources (1,402,610,637) (743,384) (715,331) 28,053 6.01 4,668 4,668 4,668 4,668 4,668 4,668 45

Net Pension Liability (20,766,266,998) (11,006,122) (10,590,796) 415,326 6.01 69,106 69,106 69,106 69,106 69,106 69,106 690

Total (21,145,180,290) (11,206,946) (10,784,041) 422,905 70,367 70,367 70,367 70,367 70,367 70,367 703




of Resources 1,023,697,345 368,531 419,716 51,185 6.01 8,517 8,517 8,517 8,517 8,517 8,517 83

Deferred Inflowsof Resources (1,402,610,637) (504,940) (575,070) (70,130) 6.01 (11,669) (11,669) (11,669) (11,669) (11,669) (11,669) (116)


Total (21,145,180,290) (7,612,265) (8,669,523) (1,057,258) (175,916) (175,916) (175,916) (175,916) (175,916) (175,916) (1,762)




of Resources 1,023,697,345 409,479 511,849 102,370 6.01 17,033 17,033 17,033 17,033 17,033 17,033 172

Deferred Inflowsof Resources (1,402,610,637) (561,044) (701,305) (140,261) 6.01 (23,338) (23,338) (23,338) (23,338) (23,338) (23,338) (233)


Total (21,145,180,290) (8,458,072) (10,572,589) (2,114,517) (351,833) (351,833) (351,833) (351,833) (351,833) (351,833) (3,519)




of Resources 1,023,697,345 40,948 30,711 (10,237) 6.01 (1,703) (1,703) (1,703) (1,703) (1,703) (1,703) (19)

Deferred Inflowsof Resources (1,402,610,637) (56,104) (42,078) 14,026 6.01 2,334 2,334 2,334 2,334 2,334 2,334 22

Net Pension Liability (20,766,266,998) (830,651) (622,988) 207,663 6.01 34,553 34,553 34,553 34,553 34,553 34,553 345

Total (21,145,180,290) (845,807) (634,355) 211,452 35,184 35,184 35,184 35,184 35,184 35,184 348

















of Resources 1,023,697,345 11,946,548 13,584,464 1,637,916 6.01 272,532 272,532 272,532 272,532 272,532 272,532 2,724

Deferred Inflowsof Resources (1,402,610,637) (16,368,466) (18,612,643) (2,244,177) 6.01 (373,407) (373,407) (373,407) (373,407) (373,407) (373,407) (3,735)


Total (21,145,180,290) (246,764,254) (280,596,542) (33,832,288) (5,629,332) (5,629,332) (5,629,332) (5,629,332) (5,629,332) (5,629,332) (56,296)




of Resources 1,023,697,345 13,389,961 11,823,704 (1,566,257) 6.01 (260,608) (260,608) (260,608) (260,608) (260,608) (260,608) (2,609)

Deferred Inflowsof Resources (1,402,610,637) (18,346,147) (16,200,153) 2,145,994 6.01 357,071 357,071 357,071 357,071 357,071 357,071 3,568

Net Pension Liability (20,766,266,998) (271,622,772) (239,850,384) 31,772,388 6.01 5,286,587 5,286,587 5,286,587 5,286,587 5,286,587 5,286,587 52,866

Total (21,145,180,290) (276,578,958) (244,226,833) 32,352,125 5,383,050 5,383,050 5,383,050 5,383,050 5,383,050 5,383,050 53,825




of Resources 1,023,697,345 548,609,644 549,141,966 532,322 6.01 88,572 88,572 88,572 88,572 88,572 88,572 890

Deferred Inflowsof Resources (1,402,610,637) (751,673,066) (752,402,426) (729,360) 6.01 (121,358) (121,358) (121,358) (121,358) (121,358) (121,358) (1,212)

Net Pension Liability (20,766,266,998) (11,128,850,147) (11,139,648,608) (10,798,461) 6.01 (1,796,750) (1,796,750) (1,796,750) (1,796,750) (1,796,750) (1,796,750) (17,961)

Total (21,145,180,290) (11,331,913,569) (11,342,909,068) (10,995,499) (1,829,536) (1,829,536) (1,829,536) (1,829,536) (1,829,536) (1,829,536) (18,283)










Components of Pension Expense for the Fiscal Year Ended June 30, 2017

Component Amount

a. Service Cost 1,920,457,666$ b. Interest on the Total Pension Liability 5,546,608,362c. Differences between Expected and Actual Experience (373,819,943)d. Changes of Assumptions 769,697,251e. Employee Contributions (513,514,000)f. Projected Earnings on Pension Plan Investments (3,858,050,536)g. Differences between Projected and Actual Earnings on Plan Investments (961,229,236)h. Pension Plan Administrative Expenses 59,671,000i. Other Changes in Fiduciary Net Position* 4,821,000

Total Pension Expense 2,594,641,564$

* Includes Payments to Other Retirement Systems.






Component Amount

a. Service Cost 350,349,092$ b. Interest on the Total Pension Liability 1,011,867,763c. Differences between Expected and Actual Experience (68,195,972)d. Changes of Assumptions 140,415,869e. Employee Contributions (93,680,359)f. Projected Earnings on Pension Plan Investments (703,824,159)g. Differences between Projected and Actual Earnings on Plan Investments (175,357,050)h. Pension Plan Administrative Expenses 10,885,781i. Other Changes in Fiduciary Net Position 879,495

SubTotal 473,340,460$

j. Changes in Proportionate Share (83,268,694)

Total Pension Expense 390,071,766$


Transit Operating





Component Amount

a. Service Cost 72,209,208$ b. Interest on the Total Pension Liability 208,552,474c. Differences between Expected and Actual Experience (14,055,630)d. Changes of Assumptions 28,940,617e. Employee Contributions (19,308,126)f. Projected Earnings on Pension Plan Investments (145,062,700)g. Differences between Projected and Actual Earnings on Plan Investments (36,142,219)h. Pension Plan Administrative Expenses 2,243,630i. Other Changes in Fiduciary Net Position 181,270

SubTotal 97,558,524$

j. Changes in Proportionate Share 68,762,320



Transit Non-Operating





Component Amount

a. Service Cost 13,366,385$ b. Interest on the Total Pension Liability 38,604,394c. Differences between Expected and Actual Experience (2,601,787)d. Changes of Assumptions 5,357,093e. Employee Contributions (3,574,057)f. Projected Earnings on Pension Plan Investments (26,852,032)g. Differences between Projected and Actual Earnings on Plan Investments (6,690,155)h. Pension Plan Administrative Expenses 415,310i. Other Changes in Fiduciary Net Position 33,554




TA TP






Component Amount



j. Changes in Proportionate Share (444,649)



TA CP Engineers





Component Amount


SubTotal 121,558,957$




HA Regular





Component Amount


SubTotal 7,472,567$




HA HP





Component Amount


SubTotal 383,695,595$



HHC






Component Amount






OTB





Component Amount

a. Service Cost 1,017,843$ b. Interest on the Total Pension Liability 2,939,702c. Differences between Expected and Actual Experience (198,125)d. Changes of Assumptions 407,940e. Employee Contributions (272,162)f. Projected Earnings on Pension Plan Investments (2,044,767)g. Differences between Projected and Actual Earnings on Plan Investments (509,451)h. Pension Plan Administrative Expenses 31,626i. Other Changes in Fiduciary Net Position 2,555

SubTotal 1,375,161$




HDC/REMIC





Component Amount

a. Service Cost 691,365$ b. Interest on the Total Pension Liability 1,996,779c. Differences between Expected and Actual Experience (134,575)d. Changes of Assumptions 277,091e. Employee Contributions (184,865)f. Projected Earnings on Pension Plan Investments (1,388,898)g. Differences between Projected and Actual Earnings on Plan Investments (346,043)h. Pension Plan Administrative Expenses 21,482i. Other Changes in Fiduciary Net Position 1,736

SubTotal 934,072$


Total Pension Expense 925,331$


State Courts





Component Amount

a. Service Cost 768,183$ b. Interest on the Total Pension Liability 2,218,643c. Differences between Expected and Actual Experience (149,528)d. Changes of Assumptions 307,879e. Employee Contributions (205,406)f. Projected Earnings on Pension Plan Investments (1,543,220)g. Differences between Projected and Actual Earnings on Plan Investments (384,492)h. Pension Plan Administrative Expenses 23,868i. Other Changes in Fiduciary Net Position 1,928

SubTotal 1,037,855$




SCA





Component Amount

a. Service Cost 76,818$ b. Interest on the Total Pension Liability 221,864c. Differences between Expected and Actual Experience (14,953)d. Changes of Assumptions 30,788e. Employee Contributions (20,541)f. Projected Earnings on Pension Plan Investments (154,322)g. Differences between Projected and Actual Earnings on Plan Investments (38,449)h. Pension Plan Administrative Expenses 2,387i. Other Changes in Fiduciary Net Position 193

SubTotal 103,785$



WFA






Component Amount






Senior Colleges





Component Amount






TBTA





Component Amount

a. Service Cost 1,029,192,467$ b. Interest on the Total Pension Liability 2,972,482,889c. Differences between Expected and Actual Experience (200,333,845)d. Changes of Assumptions 412,488,454e. Employee Contributions (275,197,289)f. Projected Earnings on Pension Plan Investments (2,067,567,862)g. Differences between Projected and Actual Earnings on Plan Investments (515,132,360)h. Pension Plan Administrative Expenses 31,978,285i. Other Changes in Fiduciary Net Position 2,583,622

SubTotal 1,390,494,361$




City Total


Appendix APage 13b

Transit TA Non- TA CPComponent Operating Operating TA TP Engineers HA Regular HA HP

a. Service Cost 350,349,092$ 72,209,208$ 13,366,385$ 15,075,593$ 89,973,442$ 5,530,918$ b. Interest on the Total Pension Liability 1,011,867,763 208,552,474 38,604,394 43,540,876 259,858,602 15,974,232c. Differences between Expected and Actual Experience (68,195,972) (14,055,630) (2,601,787) (2,934,487) (17,513,464) (1,076,601)d. Changes of Assumptions 140,415,869 28,940,617 5,357,093 6,042,123 36,060,316 2,216,728e. Employee Contributions (93,680,359) (19,308,126) (3,574,057) (4,031,085) (24,058,131) (1,478,920)f. Projected Earnings on Pension Plan Investments (703,824,159) (145,062,700) (26,852,032) (30,285,697) (180,749,668) (11,111,186)g. Differences between Projected and Actual Earnings on Plan Investments (175,357,050) (36,142,219) (6,690,155) (7,545,650) (45,033,590) (2,768,340)h. Pension Plan Administrative Expenses 10,885,781 2,243,630 415,310 468,417 2,795,586 171,852i. Other Changes in Fiduciary Net Position* 879,495 181,270 33,554 37,845 225,864 13,884j. Changes in Proportionate Share (83,268,694) 68,762,320 2,767,298 (444,649) (1,300,708) (1,110,059)

Total Pension Expense 390,071,766$ 166,320,844$ 20,826,003$ 19,923,286$ 120,258,249$ 6,362,508$

Component HHC OTB HDC/REMIC State Courts SCA WFA

a. Service Cost 283,997,280$ 10,677,745$ 1,017,843$ 691,365$ 768,183$ 76,818$ b. Interest on the Total Pension Liability 820,232,445 30,839,142 2,939,702 1,996,779 2,218,643 221,864c. Differences between Expected and Actual Experience (55,280,493) (2,078,439) (198,125) (134,575) (149,528) (14,953)d. Changes of Assumptions 113,822,829 4,279,517 407,940 277,091 307,879 30,788e. Employee Contributions (75,938,450) (2,855,138) (272,162) (184,865) (205,406) (20,541)f. Projected Earnings on Pension Plan Investments (570,528,513) (21,450,761) (2,044,767) (1,388,898) (1,543,220) (154,322)g. Differences between Projected and Actual Earnings on Plan Investments (142,146,579) (5,344,435) (509,451) (346,043) (384,492) (38,449)h. Pension Plan Administrative Expenses 8,824,147 331,771 31,626 21,482 23,868 2,387i. Other Changes in Fiduciary Net Position* 712,929 26,805 2,555 1,736 1,928 193j. Changes in Proportionate Share 53,073,819 15,688,587 (68,822) (8,741) (135,242) (39,069)

Total Pension Expense 436,769,414$ 30,114,794$ 1,306,339$ 925,331$ 902,613$ 64,716$

Senior Component Colleges TBTA City Total Total

a. Service Cost 22,411,741$ 25,119,586$ 1,029,192,467$ 1,920,457,666$ b. Interest on the Total Pension Liability 64,728,920 72,549,637 2,972,482,889 5,546,608,362c. Differences between Expected and Actual Experience (4,362,479) (4,889,565) (200,333,845) (373,819,943)d. Changes of Assumptions 8,982,367 10,067,640 412,488,454 769,697,251e. Employee Contributions (5,992,708) (6,716,763) (275,197,289) (513,514,000)f. Projected Earnings on Pension Plan Investments (45,023,450) (50,463,301) (2,067,567,862) (3,858,050,536)g. Differences between Projected and Actual Earnings on Plan Investments (11,217,545) (12,572,878) (515,132,360) (961,229,236)h. Pension Plan Administrative Expenses 696,361 780,497 31,978,285 59,671,000i. Other Changes in Fiduciary Net Position* 56,261 63,059 2,583,622 4,821,000j. Changes in Proportionate Share 3,419,548 13,608,459 (70,944,047) 0

Total Pension Expense 33,699,016$ 47,546,371$ 1,319,550,314$ 2,594,641,564$




Components of Pension Expense for the Fiscal Year Ended June 30, 2017 - By Obligor





Component Amount

a. Service Cost 1,947,712,394$ b. Interest on the Total Pension Liability 5,615,290,255c. Changes of Benefit Terms 43,998,752d. Differences between Expected and Actual Experience (613,137,768)e. Changes of Assumptions 772,647,802f. Employee Contributions (523,535,000)g. Projected Earnings on Pension Plan Investments (4,276,339,472)h. Differences between Projected and Actual Earnings on Plan Investments (738,474,753)i. Pension Plan Administrative Expenses 59,689,000j. Other Changes in Fiduciary Net Position* 5,633,000








Component Amount

a. Service Cost 334,305,355$ b. Interest on the Total Pension Liability 963,808,419c. Changes of Benefit Terms 7,551,946d. Differences between Expected and Actual Experience (105,238,966)e. Changes of Assumptions 132,617,269f. Employee Contributions (89,859,547)g. Projected Earnings on Pension Plan Investments (733,990,907)h. Differences between Projected and Actual Earnings on Plan Investments (126,751,807)i. Pension Plan Administrative Expenses 10,245,020j. Other Changes in Fiduciary Net Position 966,848

SubTotal 393,653,630$

k. Changes in Proportionate Share (92,571,530)



Transit Operating





Component Amount


SubTotal 104,376,466$

k. Changes in Proportionate Share 82,934,403



Transit Non-Operating





Component Amount

a. Service Cost 14,627,320$ b. Interest on the Total Pension Liability 42,170,830c. Changes of Benefit Terms 330,431d. Differences between Expected and Actual Experience (4,604,665)e. Changes of Assumptions 5,802,585f. Employee Contributions (3,931,748)g. Projected Earnings on Pension Plan Investments (32,115,309)h. Differences between Projected and Actual Earnings on Plan Investments (5,545,945)i. Pension Plan Administrative Expenses 448,264j. Other Changes in Fiduciary Net Position 42,304





TA TP





Component Amount






TA CP Engineers





Component Amount


SubTotal 104,858,098$




HA Regular





Component Amount


SubTotal 7,178,605$

k. Changes in Proportionate Share (13,684)


HA HP






Component Amount


SubTotal 344,550,133$




HHC





Component Amount






OTB





Component Amount

a. Service Cost 993,333$ b. Interest on the Total Pension Liability 2,863,798c. Changes of Benefit Terms 22,439d. Differences between Expected and Actual Experience (312,700)e. Changes of Assumptions 394,050f. Employee Contributions (267,003)g. Projected Earnings on Pension Plan Investments (2,180,933)h. Differences between Projected and Actual Earnings on Plan Investments (376,622)i. Pension Plan Administrative Expenses 30,441j. Other Changes in Fiduciary Net Position 2,873

SubTotal 1,169,676$




HDC/REMIC





Component Amount


SubTotal 940,329$

k. Changes in Proportionate Share 253,891



State Courts





Component Amount


SubTotal 1,146,742$




SCA





Component Amount

a. Service Cost 58,431$ b. Interest on the Total Pension Liability 168,459c. Changes of Benefit Terms 1,320d. Differences between Expected and Actual Experience (18,394)e. Changes of Assumptions 23,179f. Employee Contributions (15,706)g. Projected Earnings on Pension Plan Investments (128,290)h. Differences between Projected and Actual Earnings on Plan Investments (22,154)i. Pension Plan Administrative Expenses 1,791j. Other Changes in Fiduciary Net Position 169

SubTotal 68,805$


Total Pension Expense (5,448)$

WFA






Component Amount






Senior Colleges





Component Amount






TBTA





Component Amount

a. Service Cost 1,044,811,361$ b. Interest on the Total Pension Liability 3,012,210,152c. Changes of Benefit Terms 23,602,251d. Differences between Expected and Actual Experience (328,905,494)e. Changes of Assumptions 414,471,461f. Employee Contributions (280,839,881)g. Projected Earnings on Pension Plan Investments (2,293,956,782)h. Differences between Projected and Actual Earnings on Plan Investments (396,140,012)i. Pension Plan Administrative Expenses 32,018,971j. Other Changes in Fiduciary Net Position 3,021,708

SubTotal 1,230,293,735$



City Total



Appendix APage 13d

Transit TA Non- TA CPComponent Operating Operating TA TP Engineers HA Regular HA HP

a. Service Cost 334,305,355$ 88,640,391$ 14,627,320$ 15,815,425$ 89,049,411$ 6,096,340$ b. Interest on the Total Pension Liability 963,808,419 255,551,860 42,170,830 45,596,157 256,731,070 17,575,858c. Changes of Benefit Terms 7,551,946 2,002,383 330,431 357,270 2,011,623 137,716d. Differences between Expected and Actual Experience (105,238,966) (27,903,900) (4,604,665) (4,978,679) (28,032,659) (1,919,121)e. Changes of Assumptions 132,617,269 35,163,201 5,802,585 6,273,900 35,325,458 2,418,388f. Employee Contributions (89,859,547) (23,826,078) (3,931,748) (4,251,104) (23,936,020) (1,638,665)g. Projected Earnings on Pension Plan Investments (733,990,907) (194,616,209) (32,115,309) (34,723,877) (195,514,241) (13,384,943)h. Differences between Projected and Actual Earnings on Plan Investments (126,751,807) (33,607,986) (5,545,945) (5,996,415) (33,763,066) (2,311,426)i. Pension Plan Administrative Expenses 10,245,020 2,716,446 448,264 484,675 2,728,981 186,827j. Other Changes in Fiduciary Net Position* 966,848 256,358 42,304 45,740 257,541 17,631k. Changes in Proportionate Share (92,571,530) 82,934,403 4,052,001 2,326,357 (7,704,502) (13,684)

Total Pension Expense 301,082,100$ 187,310,869$ 21,276,068$ 20,949,449$ 97,153,596$ 7,164,921$

Component HHC OTB HDC/REMIC State Courts SCA WFA

a. Service Cost 292,604,833$ 10,595,555$ 993,333$ 798,562$ 973,856$ 58,431$ b. Interest on the Total Pension Liability 843,585,055 30,547,179 2,863,798 2,302,269 2,807,645 168,459c. Changes of Benefit Terms 6,609,933 239,353 22,439 18,039 21,999 1,320d. Differences between Expected and Actual Experience (92,111,687) (3,335,469) (312,700) (251,386) (306,569) (18,394)e. Changes of Assumptions 116,074,879 4,203,204 394,050 316,786 386,324 23,179f. Employee Contributions (78,650,663) (2,848,030) (267,003) (214,649) (261,768) (15,706)g. Projected Earnings on Pension Plan Investments (642,434,479) (23,263,287) (2,180,933) (1,753,299) (2,138,170) (128,290)h. Differences between Projected and Actual Earnings on Plan Investments (110,941,062) (4,017,303) (376,622) (302,775) (369,237) (22,154)i. Pension Plan Administrative Expenses 8,967,078 324,708 30,441 24,472 29,845 1,791j. Other Changes in Fiduciary Net Position* 846,246 30,644 2,873 2,310 2,817 169k. Changes in Proportionate Share 59,650,920 14,485,937 (95,834) 253,891 476,741 (74,253)

Total Pension Expense 404,201,053$ 26,962,491$ 1,073,842$ 1,194,220$ 1,623,483$ (5,448)$

Senior Component Colleges TBTA City Total Total

a. Service Cost 25,846,143$ 22,496,078$ 1,044,811,361$ 1,947,712,394$ b. Interest on the Total Pension Liability 74,514,902 64,856,602 3,012,210,152 5,615,290,255c. Changes of Benefit Terms 583,863 508,186 23,602,251 43,998,752d. Differences between Expected and Actual Experience (8,136,338) (7,081,741) (328,905,494) (613,137,768)e. Changes of Assumptions 10,253,036 8,924,082 414,471,461 772,647,802f. Employee Contributions (6,947,309) (6,046,829) (280,839,881) (523,535,000)g. Projected Earnings on Pension Plan Investments (56,747,025) (49,391,721) (2,293,956,782) (4,276,339,472)h. Differences between Projected and Actual Earnings on Plan Investments (9,799,560) (8,529,383) (396,140,012) (738,474,753)i. Pension Plan Administrative Expenses 792,073 689,408 32,018,971 59,689,000j. Other Changes in Fiduciary Net Position* 74,750 65,061 3,021,708 5,633,000k. Changes in Proportionate Share 6,013,785 3,239,182 (72,973,414) 0

Total Pension Expense 36,448,320$ 29,728,925$ 1,157,320,321$ 2,293,484,210$






Appendix APage 14a

For the Fiscal Year ended June 30, 2013, the Obligors recognized Pension Expense for NYCERS of $2,721,031,010.

At June 30, 2013, the Obligors reported total Deferred Outflows of Resources and Deferred Inflows of Resources related to pensions for NYCERS from the following sources:

Deferred DeferredOutflows Inflows

of Resources of Resources

Differences between Expected and Actual Experience 0$ 0$

Changes of Assumptions 0 0

Net Difference between Projected and Actual Earnings on Pension Plan Investments 0 1,594,361,522

Total 0$ 1,594,361,522$

Amounts reported as Deferred Outflows of Resources and Deferred Inflows of Resources related to pensions for NYCERS will be recognized in Pension Expense as follows:

Fiscal YearEnded June 30 Amount2013 (398,590,379)$ 2014 (398,590,379) 2015 (398,590,379) 2016 (398,590,379) 2017 (398,590,385)



Pension Expense, Deferred Outflows of Resources, Deferred Inflows of Resources


Appendix APage 14b


For June 30, 2014, the Obligors determined Deferred Outflows of Resources and Deferred Inflows of Resources related to Pensions for NYCERS from the following sources:






Total 0$ 3,978,322,676$







Appendix APage 14c





Differences between Expected and Actual Experience 0$ 202,961,062$


Net Difference between Projected and Actual Earnings on Pension Plan Investments 2,099,773,673 0

Total 2,099,773,673$ 202,961,062$


Fiscal YearEnded June 30 Amount2015 439,305,840$ 2016 439,305,840 2017 439,305,840 2018 493,257,515 2019 524,943,416





Appendix APage 14d






Changes of Assumptions 1,793,394,596 0

Net Difference between Projected and Actual Earnings on Pension Plan Investments 2,127,274,784 0

Total 3,920,669,380$ 572,334,258$


Fiscal YearEnded June 30 Amount2016 1,055,878,925$ 2017 1,055,878,925 2018 1,055,878,925 2019 704,758,570 2020 531,818,702





Appendix APage 14e








Total 0$ 2,694,989,754$


Fiscal YearEnded June 30 Amount2017 (667,365,638)$ 2018 (667,365,638) 2019 (667,365,638) 2020 (667,365,638) 2021 (667,365,632) Thereafter (25,527,208)





Appendix APage 14f





Differences between Expected and Actual Experience 0$ 1,469,280,196$

Changes of Assumptions 14,782,263 0

Net Difference between Projected and Actual Earnings on Pension Plan Investments 0 703,343,622

Total 14,782,263$ 2,172,623,818$


Fiscal YearEnded June 30 Amount2018 (466,154,855)$ 2019 (466,154,855) 2020 (466,154,855) 2021 (466,154,855) 2022 (466,154,853) Thereafter (293,222,137)





Appendix APage 14g


At June 30, 2018, the Obligors reported total Deferred Outflows of Resources and Deferred Inflows of Resources related to Pensions for NYCERS from the following sources:





Net Difference between Projected and Actual Earnings on Pension Plan Investments 0 989,223,686

Total 268,782,357$ 2,692,727,340$


Fiscal YearEnded June 30 Amount2018 (578,964,719)$ 2019 96,181,493 2020 (601,701,791) 2021 (1,133,520,487) 2022 (491,682,061) Thereafter (293,222,137)





Appendix APage 15a



Schedule of Pension Amounts by EmployerAs of and for the year ended June 30, 2017

Net Amortization ofDeferred Amounts

Changes in Changes in from Changes inNet Difference Proportion Net Difference Proportion Proportion

Between and Differences Between and Differences and DifferencesProjected Between Projected Between Between

Differences and Actual Employer Total Differences and Actual Employer Total Proportionate EmployerBetween Investment Contributions Deferred Between Investment Contributions Deferred Share of Contributions TotalExpected Earnings on and Proportionate Outflows Expected Earnings on and Proportionate Inflows Plan and Proportionate Employer

Net Pension and Actual Change of Pension Plan Share of of and Actual Change of Pension Plan Share of of Pension Share of PensionEntity* Liability Experience Assumptions Investments Contributions Resources Experience Assumptions Investments Contributions Resources Expense Contributions Expense

Transit Operating 3,788,376,358$ 0$ 186,753,107$ 0$ (83,433,028)$ 103,320,079$ 101,082,954$ 0$ 154,795,305$ (7,542,834)$ 248,335,425$ 473,340,460$ (83,268,694)$ 390,071,766$

TA Non-Operating 780,808,340 0 38,491,020 0 174,173,244 212,664,264 20,833,849 0 31,904,311 29,305,111 82,043,271 97,558,524 68,762,320 166,320,844

TA TP 144,519,172 0 7,124,934 0 6,939,639 14,064,573 3,856,478 0 5,905,692 1,184,035 10,946,205 18,058,705 2,767,298 20,826,003

TA CP Engineers 163,016,411 0 8,036,024 0 10,722,643 18,758,667 4,349,620 0 6,660,873 2,279,031 13,289,524 20,367,935 (444,649) 19,923,286

HA Regular 972,904,553 0 47,960,221 0 (9,103,925) 38,856,296 25,959,197 0 39,753,111 (1,374,443) 64,337,865 121,558,957 (1,300,708) 120,258,249

HA HP 59,820,153 0 2,948,248 0 (2,250,507) 697,741 1,595,784 0 2,443,734 (337,941) 3,701,577 7,472,567 (1,110,059) 6,362,508

HHC 3,070,927,868 0 151,384,363 0 74,203,888 225,588,251 81,939,084 0 125,478,977 6,320,198 213,738,259 383,695,595 53,073,819 436,769,414

OTB 115,445,891 0 5,691,757 0 11,926,395 17,618,152 3,080,750 0 4,717,765 (468,064) 7,330,451 14,426,207 15,688,587 30,114,794

HDC/REMIC 10,991,263 0 542,560 0 (25,467) 517,093 293,669 0 449,715 0 743,384 1,375,161 (68,822) 1,306,339

State Courts 7,465,411 0 368,531 0 976,615 1,345,146 199,473 0 305,467 217,322 722,262 934,072 (8,741) 925,331

SCA 8,316,413 0 409,479 0 (2,267,891) (1,858,412) 221,637 0 339,408 (568,099) (7,054) 1,037,855 (135,242) 902,613

WFA 827,668 0 40,948 0 (224,860) (183,912) 22,164 0 33,941 (45,142) 10,963 103,785 (39,069) 64,716

Senior Colleges 242,343,654 0 11,946,548 0 (13,690,684) (1,744,136) 6,466,250 0 9,902,216 (3,393,279) 12,975,187 30,279,468 3,419,548 33,699,016

TBTA 271,609,483 0 13,389,961 0 18,274,473 31,664,434 7,247,520 0 11,098,627 2,407,523 20,753,670 33,937,912 13,608,459 47,546,371

City 11,128,894,360 0 548,609,644 0 (186,220,535) 362,389,109 296,943,297 0 454,729,769 (27,983,418) 723,689,648 1,390,494,361 (70,944,047) 1,319,550,314

Total 20,766,266,998$ 0$ 1,023,697,345$ 0$ 0$ 1,023,697,345$ 554,091,726$ 0$ 848,518,911$ 0$ 1,402,610,637$ 2,594,641,564$ 0$ 2,594,641,564$

* Transit Operating - Transit Authority Operating TA Non-Operating - Transit Authority Non-Operating TA TP - Transit Authority / Transit Police TA CP Engineers - Transit Authority Capital Project Engineers HA Regular - Housing Authority Regular HA HP - Housing Authority / Housing Police HHC - Health and Hospitals Corporation OTB - Off-Track Betting HDC/REMIC - Housing Development Corporation / REMIC State Courts - State Courts SCA - School Construction Authority WFA - Water Finance Authority Senior Colleges - Senior Colleges TBTA - Triborough Bridge and Tunnel Authority City - City of New York

Deferred Outflows of Resources Deferred Inflows of Resources Pension Expense


Appendix APage 15b



Schedule of Pension Amounts by EmployerAs of and for the year ended June 30, 2018

Net Amortization ofDeferred Amounts

Changes in Changes in from Changes inNet Difference Proportion Net Difference Proportion Proportion

Between and Differences Between and Differences and DifferencesProjected Between Projected Between Between

Differences and Actual Employer Total Differences and Actual Employer Total Proportionate EmployerBetween Investment Contributions Deferred Between Investment Contributions Deferred Share of Contributions TotalExpected Earnings on and Proportionate Outflows Expected Earnings on and Proportionate Inflows Plan and Proportionate Employer

Net Pension and Actual Change of Pension Plan Share of of and Actual Change of Pension Plan Share of of Pension Share of PensionEntity* Liability Experience Assumptions Investments Contributions Resources Experience Assumptions Investments Contributions Resources Expense Contributions Expense

Transit Operating 3,027,337,016$ 0$ 46,133,804$ 0$ (224,219,306)$ (178,085,502)$ 292,389,367$ 0$ 169,790,353$ (12,744,148)$ 449,435,572$ 393,653,630$ (92,571,530)$ 301,082,100$

TA Non-Operating 802,687,004 0 12,232,285 0 257,231,588 269,463,873 77,526,451 0 45,019,570 28,039,482 150,585,503 104,376,466 82,934,403 187,310,869

TA TP 132,440,348 0 2,018,556 0 14,675,649 16,694,205 12,793,312 0 7,429,070 1,342,196 21,564,578 17,224,067 4,052,001 21,276,068

TA CP Engineers 143,208,693 0 2,182,513 0 13,804,591 15,987,104 13,832,450 0 8,032,496 1,978,138 23,843,084 18,623,092 2,326,357 20,949,449

HA Regular 806,388,047 0 12,288,729 0 (25,658,661) (13,369,932) 77,884,187 0 45,227,307 (1,739,627) 121,371,867 104,858,098 (7,704,502) 97,153,596

HA HP 55,211,797 0 841,289 0 3,372,138 4,213,427 5,331,966 0 3,096,270 (15,274) 8,412,962 7,178,605 (13,684) 7,164,921

HHC 2,649,718,373 0 40,379,173 0 61,473,391 101,852,564 255,917,354 0 148,611,074 3,549,448 408,077,876 344,550,133 59,650,920 404,201,053

OTB 95,936,213 0 1,462,176 0 (6,222,717) (4,760,541) 9,267,060 0 5,381,377 (1,593,816) 13,054,621 12,476,554 14,485,937 26,962,491

HDC/REMIC 8,978,397 0 137,079 0 (369,605) (232,526) 868,787 0 504,504 (17,067) 1,356,224 1,169,676 (95,834) 1,073,842

State Courts 7,226,500 0 110,201 0 1,779,889 1,890,090 698,436 0 405,582 217,229 1,321,247 940,329 253,891 1,194,220

SCA 8,834,935 0 134,391 0 (479,550) (345,159) 851,752 0 494,612 (417,534) 928,830 1,146,742 476,741 1,623,483

WFA 515,969 0 8,063 0 (360,780) (352,717) 51,105 0 29,677 (43,863) 36,919 68,805 (74,253) (5,448)

Senior Colleges 234,039,070 0 3,566,742 0 16,114,328 19,681,070 22,605,493 0 13,126,998 (1,406,770) 34,325,721 30,434,535 6,013,785 36,448,320

TBTA 203,708,514 0 3,104,436 0 (19,419,289) (16,314,853) 19,675,467 0 11,425,534 305,068 31,406,069 26,489,743 3,239,182 29,728,925

City 9,461,464,641 0 144,182,920 0 (91,721,666) 52,461,254 913,810,467 0 530,649,262 (17,453,462) 1,427,006,267 1,230,293,735 (72,973,414) 1,157,320,321

Total 17,637,695,517$ 0$ 268,782,357$ 0$ 0$ 268,782,357$ 1,703,503,654$ 0$ 989,223,686$ 0$ 2,692,727,340$ 2,293,484,210$ 0$ 2,293,484,210$

* Transit Operating - Transit Authority Operating TA Non-Operating - Transit Authority Non-Operating TA TP - Transit Authority / Transit Police TA CP Engineers - Transit Authority Capital Project Engineers HA Regular - Housing Authority Regular HA HP - Housing Authority / Housing Police HHC - Health and Hospitals Corporation OTB - Off-Track Betting HDC/REMIC - Housing Development Corporation / REMIC State Courts - State Courts SCA - School Construction Authority WFA - Water Finance Authority Senior Colleges - Senior Colleges TBTA - Triborough Bridge and Tunnel Authority City - City of New York

Deferred Outflows of Resources Deferred Inflows of Resources Pension Expense


Appendix APage 15c

Net Difference Total Net Difference TotalBetween Deferred Between DeferredProjected Outflows of Projected Inflows of

Differences and Actual Resources Differences and Actual ResourcesBetween Investment Excluding Between Investment ExcludingExpected Earnings on Employer Expected Earnings on Employer Plan

Net Pension and Actual Change of Pension Plan Specific and Actual Change of Pension Plan Specific PensionLiability Experience Assumptions Investments Amounts Experience Assumptions Investments Amounts Expense

17,637,695,517$ 0$ 268,782,357$ 0$ 268,782,357$ 1,703,503,654$ 0$ 989,223,686$ 2,692,727,340$ 2,293,484,210$



Schedule of Collective Pension AmountsAs of and for the year ended June 30, 2018

Deferred Outflows of Resources Deferred Inflows of Resources


Appendix B

Page 1 - Statement of Fiduciary Net Position

Page 2 - Statement of Changes in Fiduciary Net Position



Page 5a - Development of Asset (Gain) / Loss - June 30, 2017

Page 5b - Development of Asset (Gain) / Loss - June 30, 2018


Page 7a - Schedule of Employer Allocations - June 30, 2017

Page 7b - Changes in Net Pension Liability by Source - June 30, 2017

Page 7c - Changes in Net Pension Liability by Source - June 30, 2017 - Summary

Page 7d - Schedule of Employer Allocations - June 30, 2018

Page 7e - Changes in Net Pension Liability by Source - June 30, 2018

Page 7f - Changes in Net Pension Liability by Source - June 30, 2018 - Summary




Page 11a - Increase (Decrease) in Pension Expense Arising from the Recognition of Differences

between Expected and Actual Experience

Page 11b - Increase (Decrease) in Pension Expense Arising from the Recognition of Changes

in Assumptions

Page 11c - Increase (Decrease) in Pension Expense Arising from the Recognition of Differences


Page 12a - Changes in Proportionate Share - June 30, 2015

Page 12b Changes in Proportionate Share - June 30, 2016

Page 12c - Changes in Proportionate Share - June 30, 2017

Page 12d - Changes in Proportionate Share - June 30, 2018

Page 13a - Components of Pension Expense - June 30, 2017

Page 13b - Components of Pension Expense - June 30, 2017 - Summary

Page 13c - Components of Pension Expense - June 30, 2018

Page 13d - Components of Pension Expense - June 30, 2018 - Summary

Page 14a - Pension Expense, Total Deferred Inflows/Outflows of Resources @ June 30, 2013

Page 14b - Pension Expense, Deferred Inflows/Outflows of Resources for June 30, 2014

Page 14c - Pension Expense, Deferred Inflows/Outflows of Resources for June 30, 2015

Page 14d - Pension Expense, Deferred Inflows/Outflows of Resources for June 30, 2016

Page 14e - Pension Expense, Deferred Inflows/Outflows of Resources for June 30, 2017

Page 14f - Pension Expense, Deferred Inflows/Outflows of Resources for June 30, 2018

Page 14g Pension Expense, Total Deferred Inflows/Outflows of Resources @ June 30, 2018

Page 15a - Schedule of Pension Amounts by Employer - June 30, 2017

Page 15b - Schedule of Pension Amounts by Employer - June 30, 2018

Page 15c - Schedule of Collective Pension Amounts - June 30, 2018

APPENDIX B

NEW YORK CITY TEACHERS' RETIREMENT SYSTEM (TRS)


Appendix B

Page 1



Statement of Fiduciary Net Position - QPP Only

June 30, 2018 and June 30, 2017(Dollar amounts in thousands)

June 30, 2018 June 30, 2017

ASSETS

Cash 75,847$ 101,499$

Receivables:

Investment securities sold 839,544 989,725

Member loans 312,219 298,146

Accrued interest and dividends 273,387 164,163

Other 0 0


Investments - at fair value

Pooled NYC Pension Fund Assets (Fixed-Return Fund):

Short-term investments:

Short-term investment fund 1,578,263 557,945

Commercial paper 6,487 230,093

Discount notes 111,733 282,248

U.S. Treasury bills and agencies 0 0

Debt securities:

U.S. Government 13,288,993 7,947,669

Corporate 7,016,574 7,753,224

Yankee bonds 0 0

Foreign 0 0

Equities:

Domestic 20,536,514 21,086,002

Private equity 8,926,759 7,523,885

Private equity real estate 0 0

Mutual Funds:

International equity 15,436,970 15,734,149

Fixed investment 1,848,081 1,791,033

Domestic equity 0 0

Mortgage debt security 555,508 495,540

Treasury inflation protected securities 3,106,109 2,682,432

Promissory Notes 0 0

Diversified Equity Funds:

Short-term investments 135,558 65,825

Equity Securities 6,125,780 6,031,258

Corporate Bonds 127,150 106,307

Bond Funds:

Short-term investments 849 3,576

Corporate Bonds 0 83,333

Equity Securities 70,562 0

Internation Equity Funds:

Short-term investments 80 53

Equity Securities 12,076 12,436

Inflation Protection Funds:



Socially Responsive Equity Funds:



International - equity 716 516

Collateral from securities lending (Fixed and Variable-Return Funds) 1,117,593 1,610,321

Total Investments 80,019,061$ 74,014,611$


Total assets 81,582,910$ 75,607,076$

LIABILITIES

Accounts payable 643,567 529,059

Payables for investment securities purchased 1,568,064 1,353,803

Accrued benefits payable 13,858 13,987

Due to TDA Program 23,707,352 22,004,183

Securities lending 1,117,593 1,610,321


Plan Net Position Held in Trust for Benefits 54,532,476$ 50,095,723$


Appendix B

Page 2



Statement of Changes in Fiduciary Net Position - QPP Only


Fixed Variable Fixed Variable

ADDITIONS

Contributions:

Member Contributions 194,921$ 320$ 179,753$ 323$

Employer Contributions 3,889,710 0 3,888,399 0

Other Employer Contributions1

59,957 22 57,340 29

Total contributions 4,144,588$ 342$ 4,125,492$ 352$

Investment income:

Interest income 1,325,827 4,182 929,307 2,862

Dividend income 946,672 109,964 912,665 68,422

Net appreciation (depreciation) in fair value 3,603,325 620,488 5,780,008 736,372

Total investment income 5,875,824$ 734,634$ 7,621,980$ 807,656$

Less:

Investment expenses 348,905 1,763 310,246 3,555

Net income 5,526,919 732,871 7,311,734 804,101

Securities lending transactions:

Securities lending income 15,416 1,238 17,308 1,498

Securities lending fees (1,202) (127) (1,202) (158)

Net securities lending income 14,214 1,111 16,106 1,340

Net investment income 5,541,133 733,982 7,327,840 805,440

Other:

Net receipts from other retirement systems (3,534) 0 (2,291) 0

Transfers between Funds (83,387) 83,387 (3,757,118) 3,757,118

Litigation income 0 0 0 0

Total Other (86,921) 83,387 (3,759,409) 3,757,118

Total additions 9,598,800$ 817,711$ 7,693,923$ 4,562,910$

DEDUCTIONS

Benefit payments and withdrawals 3,734,320 617,604 3,652,613 566,699

Interest to TDA Fixed Funds 1,595,462 0 1,466,615 0

TDA Rebalance (32,704) 0 43,938 0

Administrative expenses 49,260 15,816 50,874 9,916

Total deductions 5,346,338$ 633,420$ 5,214,040$ 576,615$

INCREASE IN PLAN NET POSITION 4,252,462 184,291 2,479,883 3,986,295

PLAN NET POSITION HELD IN TRUST FOR BENEFITS:

Beginning of year 43,920,339$ 6,175,384$ 41,440,456$ 2,189,089$

End of year 48,172,801$ 6,359,675$ 43,920,339$ 6,175,384$

1 Includes amounts for member's portion of Additional Member Contributions and supplemental contributions for the ASAF and ASF Funds.

June 30, 2018 June 30, 2017


Appendix B

Page 3

Fixed Variable Total

1. Plan Net Position @ 6/30/2016 41,440,456,000$ 2,189,089,000$ 43,629,545,000$

2. Changes for the year:

a. ER Contributions 3,888,399,000 0 3,888,399,000

b. Other Employer Contributions1

57,340,000 29,000 57,369,000

c. EE Contributions 179,753,000 323,000 180,076,000

d. Net Investment Income 7,327,840,000 805,440,000 8,133,280,000

e. Benefit Payments (3,652,613,000) (566,699,000) (4,219,312,000)

f. Payment of Interest on TDA Fixed Funds (1,466,615,000) 0 (1,466,615,000)

g. Administrative Expenses (50,874,000) (9,916,000) (60,790,000)

h. Other (3,803,347,000) 3,757,118,000 (46,229,000)

i. Net Changes 2,479,883,000 3,986,295,000 6,466,178,000



a. ER Contributions 3,889,710,000 0 3,889,710,000

b. Other Employer Contributions1

59,957,000 22,000 59,979,000

c. EE Contributions 194,921,000 320,000 195,241,000

d. Net Investment Income 5,541,133,000 733,982,000 6,275,115,000

e. Benefit Payments (3,734,320,000) (617,604,000) (4,351,924,000)

f. Payment of Interest on TDA Fixed Funds (1,595,462,000) 0 (1,595,462,000)

g. Administrative Expenses (49,260,000) (15,816,000) (65,076,000)

h. Other2

(54,217,000) 83,387,000 29,170,000

i. Net Changes 4,252,462,000$ 184,291,000$ 4,436,753,000$



2 Includes TDA rebalance amount of ($32,704,000).



Market Values of Assets - QPP Only


Appendix B

Page 4


Long-Term

Target Expected

Asset Real Rate








Total 100%



The Long-Term Expected Rate of Return (LTEROR) assumption on pension fund investments was determined using a Building-

Block Method in which best-estimate ranges of Expected Real Rates of Return (i.e. Expected Returns, net of pension fund

investment expenses and inflation) are developed for each major asset class. These ranges are combined to produce the LTEROR

by weighting the Expected Real Rates of Return (RROR) by the Target Asset Allocation percentage and by adding Expected

Inflation. The Target Asset Allocation and best estimates of Arithmetic Real Rates of Return for each major asset class are

summarized in the following table:

The Discount Rate used to measure the Total Pension Liability was 7.0% per annum. The projection of Cash Flows used to

determine the Discount Rate assumes that employee contributions will be made at the rates applicable to the current Tier for each

member and that employer contributions will be made at rates as determined by the Actuary. Based on those assumptions, the

pension fund's Fiduciary Net Position is projected to be available to make all projected future benefit payments of current active

and non-active members. Therefore, the Long-Term Expected Rate of Return on pension fund investments was applied to all

periods of projected benefit payments to determine the Total Pension Liability.


Appendix B

Page 5a


1. Market Value 6/30/2016 41,440,456,000$ 2,189,089,000$ 43,629,545,000$

2. Market Value 6/30/2017 43,920,339,000 6,175,384,000 50,095,723,000

3. Net Investment Income 7,327,840,000 805,440,000 8,133,280,000

4. Cash Flow (4,847,957,000) 3,180,855,000 (1,667,102,000)

(2. - 1. - 3.)

5. Projected Earnings1

2,734,013,720 805,440,000 3,539,453,720

(7% * 1. + 3.441% * 4.)

6. (Gain) / Loss (4,593,826,280) 0 (4,593,826,280)

(5. - 3.)

7. Recognition Period 5 Years 5 Years 5 Years

8. Amount Recognized in Pension Expense (918,765,256) 0 (918,765,256)

(6. / 7.)

9. Deferred (Inflow) / Outflow of Resources (3,675,061,024)$ 0$ (3,675,061,024)$

(6. - 8.)

1 Variable Funds Projected Earnings set equal to Variable Funds Net Investment Income.



Development of Asset (Gain) / Loss - QPP Only

June 30, 2017


Appendix B

Page 5b


1. Market Value 6/30/2017 43,920,339,000$ 6,175,384,000$ 50,095,723,000$

2. Market Value 6/30/2018 48,172,801,000 6,359,675,000 54,532,476,000

3. Net Investment Income 5,541,133,000 733,982,000 6,275,115,000

4. Cash Flow (1,288,671,000) (549,691,000) (1,838,362,000)

(2. - 1. - 3.)


3,030,080,561 733,982,000 3,764,062,561

(7% * 1. + 3.441% * 4.)

6. (Gain) / Loss (2,511,052,439) 0 (2,511,052,439)

(5. - 3.)



(6. / 7.)

9. Deferred (Inflow) / Outflow of Resources (2,008,841,951)$ 0$ (2,008,841,951)$

(6. - 8.)

1 Variable Funds Projected Earnings set equal to Variable Funds Net Investment Income.




June 30, 2018


Appendix B

Page 6


1. Entry Age Accrued Liability (EAAL) at 6/30/2016 60,423,580,721$ 8,485,678,733$ 68,909,259,454$

2. Entry Age Normal Cost at 6/30/2016 1,391,033,620 0 1,391,033,620

3. Benefit Payments-FY2017 3,652,613,000 566,699,000 4,219,312,000

4. Interest1

4,201,336,591 805,440,000 5,006,776,591

5. Roll-Forward EAAL at 6/30/2017 62,363,337,932$ 8,724,419,733$ 71,087,757,665$

6. Entry Age Normal Cost at 6/30/2017 1,436,616,796 0 1,436,616,796

7. Benefit Payments-FY2018 3,734,320,000 617,604,000 4,351,924,000

8. Interest1

4,337,498,880 733,982,000 5,071,480,880

9. Roll-Forward EAAL at 6/30/2018 64,403,133,608$ 8,840,797,733$ 73,243,931,341$

1 Interest on Variable Funds set equal to Variable Funds Net Investment Income.



Roll-Forward of Entry Age Actuarial Accrued Liabilities to June 30, 2018


Appendix B

Page 7a

2017

Actual Employer

Employer Allocation

Employer Contributions Percentage

Department of Education 3,757,187,310$ 96.627%

CUNY Senior Colleges 84,575,367 2.175%

CUNY Community Colleges 38,469,761 0.989%

Charter Schools 8,167,032 0.209%

Total 3,888,399,470$ 100.000%



Schedule of Employer Allocations

June 30, 2017


Appendix B

Page 7b(1)

Total Pension Plan Fiduciary Net Pension

Liability Net Position Liability

(a) (b) (a) - (b)

1. Balances at June 30, 2016 70,000,777,108$ 43,629,545,000$ 26,371,232,108$

2. Changes for the Year:

a. Service Cost 1,386,673,964 0 1,386,673,964

b. Interest 5,147,042,567 0 5,147,042,567

c. Differences b/t expected and actual experience 1,008,248,813 0 1,008,248,813

d. Change of Assumptions 0 0 0

e. Contributions - employer 0 3,888,399,000 (3,888,399,000)

f. Contributions - other employer1

0 57,369,000 (57,369,000)

g. Contributions - employee 0 180,076,000 (180,076,000)

h. Net Investment Income 0 8,133,280,000 (8,133,280,000)

i. Benefit payments (4,219,312,000) (4,219,312,000) 0

j. Payment of Interest on TDA Fixed Funds 0 (1,466,615,000) 1,466,615,000

k. Administrative expenses 0 (60,790,000) 60,790,000

l. Other changes 0 (46,229,000) 46,229,000

m. Net Changes 3,322,653,344$ 6,466,178,000$ (3,143,524,656)$

3. Balances at June 30, 2017 73,323,430,452$ 50,095,723,000$ 23,227,707,452$







Appendix B

Page 7b(2)



(a) (b) (a) - (b)

1. Balances at June 30, 2016 96.019% 67,214,046,167$ 41,892,652,813$ 25,321,393,354$


a. Service Cost 1,339,901,449 0 1,339,901,449

b. Interest 4,973,432,821 0 4,973,432,821

c. Differences b/t expected and actual experience 974,240,580 0 974,240,580


e. Contributions - employer 0 3,757,186,840 (3,757,186,840)


0 55,433,945 (55,433,945)


h. Net Investment Income 0 7,858,944,466 (7,858,944,466)

i. Benefit payments (4,076,994,606) (4,076,994,606) 0

j. Payment of Interest on TDA Fixed Funds 0 (1,417,146,076) 1,417,146,076


l. Other changes 0 (44,669,697) 44,669,697

m. Net Changes 3,210,580,244$ 6,248,017,358$ (3,037,437,114)$

3. SubTotal 70,424,626,411$ 48,140,670,171$ 22,283,956,240$

4. Changes in Proportionate Share 425,604,726$ 265,267,635$ 160,337,091$

5. Balances at June 30, 2017 96.627% 70,850,231,137$ 48,405,937,806$ 22,444,293,331$






Department of Education


Appendix B

Page 7b(3)



(a) (b) (a) - (b)

1. Balances at June 30, 2016 2.779% 1,945,321,596$ 1,212,465,056$ 732,856,540$


a. Service Cost 30,160,159 0 30,160,159

b. Interest 111,948,176 0 111,948,176



e. Contributions - employer 0 84,575,367 (84,575,367)


0 1,247,776 (1,247,776)


h. Net Investment Income 0 176,898,840 (176,898,840)

i. Benefit payments (91,770,036) (91,770,036) 0

j. Payment of Interest on TDA Fixed Funds 0 (31,898,876) 31,898,876


l. Other changes 0 (1,005,481) 1,005,481

m. Net Changes 72,267,711$ 140,642,060$ (68,374,349)$

3. SubTotal 2,017,589,307$ 1,353,107,116$ 664,482,191$

4. Changes in Proportionate Share (422,804,695)$ (263,522,453)$ (159,282,242)$

5. Balances at June 30, 2017 2.175% 1,594,784,612$ 1,089,584,663$ 505,199,949$



CUNY Senior Colleges





Appendix B

Page 7b(4)



(a) (b) (a) - (b)

1. Balances at June 30, 2016 1.056% 739,208,206$ 460,727,995$ 278,480,211$


a. Service Cost 13,714,206 0 13,714,206

b. Interest 50,904,251 0 50,904,251





0 567,379 (567,379)





k. Administrative expenses 0 (601,213) 601,213

l. Other changes 0 (457,205) 457,205

m. Net Changes 32,861,042$ 63,963,995$ (31,102,953)$

3. SubTotal 772,069,248$ 524,691,990$ 247,377,258$


5. Balances at June 30, 2017 0.989% 725,168,727$ 495,460,194$ 229,708,533$





CUNY Community Colleges



Appendix B

Page 7b(5)



(a) (b) (a) - (b)

1. Balances at June 30, 2016 0.146% 102,201,139$ 63,699,136$ 38,502,003$


a. Service Cost 2,898,150 0 2,898,150

b. Interest 10,757,319 0 10,757,319





0 119,900 (119,900)

g. Contributions - employee 0 376,358 (376,358)




k. Administrative expenses 0 (127,053) 127,053

l. Other changes 0 (96,617) 96,617

m. Net Changes 6,944,347$ 13,554,587$ (6,610,240)$

3. SubTotal 109,145,486$ 77,253,723$ 31,891,763$


5. Balances at June 30, 2017 0.209% 153,245,976$ 104,740,337$ 48,505,639$





Charter Schools



Appendix B

Page 7c

DEPT. OF ED. SENIOR COLL. COMM. COLL. Charter Schools TOTAL

1. Balances at June 30, 2016 67,214,046,167$ 1,945,321,596$ 739,208,206$ 102,201,139$ 70,000,777,108$


a. Service Cost 1,339,901,449 30,160,159 13,714,206 2,898,150 1,386,673,964

b. Interest 4,973,432,821 111,948,176 50,904,251 10,757,319 5,147,042,567

c. Differences b/t Expected and Actual Experience 974,240,580 21,929,412 9,971,581 2,107,240 1,008,248,813

d. Changes of Assumptions 0 0 0 0 0

e. Benefit Payments (4,076,994,606) (91,770,036) (41,728,996) (8,818,362) (4,219,312,000)

f. Net Changes 3,210,580,244$ 72,267,711$ 32,861,042$ 6,944,347$ 3,322,653,344$

3. SubTotal 70,424,626,411$ 2,017,589,307$ 772,069,248$ 109,145,486$ 73,323,430,452$

4. Changes in Proportionate Share 425,604,726$ (422,804,695)$ (46,900,521)$ 44,100,490$ -$

5. Balances at June 30, 2017 70,850,231,137$ 1,594,784,612$ 725,168,727$ 153,245,976$ 73,323,430,452$


1. Balances at June 30, 2016 41,892,652,813$ 1,212,465,056$ 460,727,995$ 63,699,136$ 43,629,545,000$


a. Contributions - Employer 3,757,186,840 84,575,367 38,469,761 8,167,032 3,888,399,000

b. Contributions - Other Employer1

55,433,945 1,247,776 567,379 119,900 57,369,000

c. Contributions - Employee 174,002,037 3,916,653 1,780,952 376,358 180,076,000

d. Net Investment Income 7,858,944,466 176,898,840 80,438,139 16,998,555 8,133,280,000


f. Payment of Interest on TDA Fixed Funds (1,417,146,076) (31,898,876) (14,504,822) (3,065,226) (1,466,615,000)

g. Administrative Expenses (58,739,551) (1,322,183) (601,213) (127,053) (60,790,000)

h. Other Changes (44,669,697) (1,005,481) (457,205) (96,617) (46,229,000)

i. Net Changes 6,248,017,358$ 140,642,060$ 63,963,995$ 13,554,587$ 6,466,178,000$

3. SubTotal 48,140,670,171$ 1,353,107,116$ 524,691,990$ 77,253,723$ 50,095,723,000$


5. Balances at June 30, 2017 48,405,937,806$ 1,089,584,663$ 495,460,194$ 104,740,337$ 50,095,723,000$


1. Balances at June 30, 2016 25,321,393,354$ 732,856,540$ 278,480,211$ 38,502,003$ 26,371,232,108$


a. Service Cost 1,339,901,449 30,160,159 13,714,206 2,898,150 1,386,673,964

b. Interest 4,973,432,821 111,948,176 50,904,251 10,757,319 5,147,042,567

c. Differences b/t Expected and Actual Experience 974,240,580 21,929,412 9,971,581 2,107,240 1,008,248,813

d. Changes of Assumptions 0 0 0 0 0

e. Contributions - Employer (3,757,186,840) (84,575,367) (38,469,761) (8,167,032) (3,888,399,000)

f. Contributions - Other Employer (55,433,945) (1,247,776) (567,379) (119,900) (57,369,000)

g. Contributions - Employee (174,002,037) (3,916,653) (1,780,952) (376,358) (180,076,000)

h. Net Investment Income (7,858,944,466) (176,898,840) (80,438,139) (16,998,555) (8,133,280,000)

i. Benefit Payments 0 0 0 0 0

j. Payment of Interest on TDA Fixed Funds 1,417,146,076 31,898,876 14,504,822 3,065,226 1,466,615,000

k. Administrative Expenses 58,739,551 1,322,183 601,213 127,053 60,790,000

l. Other Changes 44,669,697 1,005,481 457,205 96,617 46,229,000

m. Net Changes (3,037,437,114)$ (68,374,349)$ (31,102,953)$ (6,610,240)$ (3,143,524,656)$

3. SubTotal 22,283,956,240$ 664,482,191$ 247,377,258$ 31,891,763$ 23,227,707,452$


5. Balances at June 30, 2017 22,444,293,331$ 505,199,949$ 229,708,533$ 48,505,639$ 23,227,707,452$



Plan Fiduciary Net Position




Changes in Net Pension Liability (NPL) by Source - by Obligor



Appendix B

Page 7d

2018

Actual Employer

Employer Allocation


Department of Education1

3,734,445,107$ 96.009%

CUNY Senior Colleges 102,115,218 2.625%

CUNY Community Colleges 45,787,386 1.177%

Charter Schools 7,362,216 0.189%

Total 3,889,709,927$ 100.000%

1 The Beginning with Children Charter School (BWC) closed in 2016. The employer contribution for BWC of $594,701 has been

included with the results for the Department of Education.




June 30, 2018


Appendix B

Page 7e(1)



(a) (b) (a) - (b)

1. Balances at June 30, 2017 73,323,430,452$ 50,095,723,000$ 23,227,707,452$


a. Service Cost 1,436,616,796 0 1,436,616,796

b. Interest 5,071,480,880 0 5,071,480,880

c. Changes of Benefit Terms 0 0 0

d. Differences b/t expected and actual experience (2,235,672,787) 0 (2,235,672,787)

e. Change of Assumptions 0 0 0

f. Contributions - employer 0 3,889,710,000 (3,889,710,000)

g. Contributions - other employer1

0 59,979,000 (59,979,000)

h. Contributions - employee 0 195,241,000 (195,241,000)

i. Net Investment Income 0 6,275,115,000 (6,275,115,000)

j. Benefit payments (4,351,924,000) (4,351,924,000) 0

k. Payment of Interest on TDA Fixed Funds 0 (1,595,462,000) 1,595,462,000

l. Administrative expenses 0 (65,076,000) 65,076,000

m. Other changes 0 29,170,000 (29,170,000)

n. Net Changes (79,499,111)$ 4,436,753,000$ (4,516,252,111)$

3. Balances at June 30, 2018 73,243,931,341$ 54,532,476,000$ 18,711,455,341$







Appendix B

Page 7e(2)



(a) (b) (a) - (b)

1. Balances at June 30, 2017 96.627% 70,850,231,137$ 48,405,937,806$ 22,444,293,331$

Adjustment for Beginning with Children1

0.015% 10,998,516 7,501,090 3,497,426

Balances at June 30, 2017 (Revised) 96.642% 70,861,229,653$ 48,413,438,896$ 22,447,790,757$


a. Service Cost 1,379,281,419 0 1,379,281,419

b. Interest 4,869,078,078 0 4,869,078,078


d. Differences b/t expected and actual experience (2,146,447,085) 0 (2,146,447,085)


f. Contributions - employer 0 3,734,445,180 (3,734,445,180)


0 57,585,238 (57,585,238)


i. Net Investment Income 0 6,024,675,160 (6,024,675,160)

j. Benefit payments (4,178,238,714) (4,178,238,714) 0

k. Payment of Interest on TDA Fixed Funds 0 (1,531,787,111) 1,531,787,111


m. Other changes 0 28,005,825 (28,005,825)

n. Net Changes (76,326,302)$ 4,259,655,694$ (4,335,981,996)$

3. SubTotal 70,784,903,351$ 52,673,094,590$ 18,111,808,761$


5. Balances at June 30, 2018 96.009% 70,320,766,041$ 52,356,084,883$ 17,964,681,158$

1 The Beginning with Children Charter School (BWC) closed in 2016. Balances for BWC have been included with the results for the Department of Education.








Appendix B

Page 7e(3)



(a) (b) (a) - (b)

1. Balances at June 30, 2017 2.175% 1,594,784,612$ 1,089,584,663$ 505,199,949$


a. Service Cost 37,711,191 0 37,711,191

b. Interest 133,126,373 0 133,126,373


d. Differences b/t expected and actual experience (58,686,411) 0 (58,686,411)


f. Contributions - employer 0 102,115,218 (102,115,218)


0 1,574,449 (1,574,449)


i. Net Investment Income 0 164,721,769 (164,721,769)

j. Benefit payments (114,238,005) (114,238,005) 0

k. Payment of Interest on TDA Fixed Funds 0 (41,880,878) 41,880,878


m. Other changes 0 765,713 (765,713)

n. Net Changes (2,086,852)$ 116,475,097$ (118,561,949)$

3. SubTotal 1,592,697,760$ 1,206,059,760$ 386,638,000$


5. Balances at June 30, 2018 2.625% 1,922,653,198$ 1,431,477,495$ 491,175,703$








Appendix B

Page 7e(4)



(a) (b) (a) - (b)

1. Balances at June 30, 2017 0.989% 725,168,727$ 495,460,194$ 229,708,533$


a. Service Cost 16,908,980 0 16,908,980

b. Interest 59,691,330 0 59,691,330






0 705,953 (705,953)





l. Administrative expenses 0 (765,945) 765,945

m. Other changes 0 343,331 (343,331)

n. Net Changes (935,704)$ 52,226,083$ (53,161,787)$

3. SubTotal 724,233,023$ 547,686,277$ 176,546,746$


5. Balances at June 30, 2018 1.177% 862,081,072$ 641,847,243$ 220,233,829$








Appendix B

Page 7e(5)



(a) (b) (a) - (b)

1. Balances at June 30, 2017 0.209% 153,245,976$ 104,740,337$ 48,505,639$


(0.015%) (10,998,516) (7,501,090) (3,497,426)

Balances at June 30, 2017 (Revised) 0.194% 142,247,460$ 97,239,247$ 45,008,213$


a. Service Cost 2,715,206 0 2,715,206

b. Interest 9,585,099 0 9,585,099






0 113,360 (113,360)

h. Contributions - employee 0 369,005 (369,005)




l. Administrative expenses 0 (122,994) 122,994

m. Other changes 0 55,131 (55,131)

n. Net Changes (150,253)$ 8,396,126$ (8,546,379)$

3. SubTotal 142,097,207$ 105,635,373$ 36,461,834$


5. Balances at June 30, 2018 0.189% 138,431,030$ 103,066,379$ 35,364,651$






Charter Schools



Appendix B

Page 7f


1. Balances at June 30, 2017 70,850,231,137$ 1,594,784,612$ 725,168,727$ 153,245,976$ 73,323,430,452$


10,998,516 0 0 (10,998,516) 0

Balances at June 30, 2017 (Revised) 70,861,229,653$ 1,594,784,612$ 725,168,727$ 142,247,460$ 73,323,430,452$


a. Service Cost 1,379,281,419 37,711,191 16,908,980 2,715,206 1,436,616,796

b. Interest 4,869,078,078 133,126,373 59,691,330 9,585,099 5,071,480,880

c. Changes of Benefit Terms 0 0 0 0 0

d. Differences b/t Expected and Actual Experience (2,146,447,085) (58,686,411) (26,313,869) (4,225,422) (2,235,672,787)

e. Changes of Assumptions 0 0 0 0 0

f. Benefit Payments (4,178,238,714) (114,238,005) (51,222,145) (8,225,136) (4,351,924,000)

g. Net Changes (76,326,302)$ (2,086,852)$ (935,704)$ (150,253)$ (79,499,111)$

3. SubTotal 70,784,903,351$ 1,592,697,760$ 724,233,023$ 142,097,207$ 73,243,931,341$

4. Changes in Proportionate Share (464,137,310)$ 329,955,438$ 137,848,049$ (3,666,177)$ -$

5. Balances at June 30, 2018 70,320,766,041$ 1,922,653,198$ 862,081,072$ 138,431,030$ 73,243,931,341$


1. Balances at June 30, 2017 48,405,937,806$ 1,089,584,663$ 495,460,194$ 104,740,337$ 50,095,723,000$


7,501,090 0 0 (7,501,090) 0

Balances at June 30, 2017 (Revised) 48,413,438,896$ 1,089,584,663$ 495,460,194$ 97,239,247$ 50,095,723,000$


a. Contributions - Employer 3,734,445,180 102,115,218 45,787,386 7,362,216 3,889,710,000


57,585,238 1,574,449 705,953 113,360 59,979,000

c. Contributions - Employee 187,448,932 5,125,076 2,297,987 369,005 195,241,000

d. Net Investment Income 6,024,675,160 164,721,769 73,858,104 11,859,967 6,275,115,000


f. Payment of Interest on TDA Fixed Funds (1,531,787,111) (41,880,878) (18,778,588) (3,015,423) (1,595,462,000)

g. Administrative Expenses (62,478,816) (1,708,245) (765,945) (122,994) (65,076,000)

h. Other Changes 28,005,825 765,713 343,331 55,131 29,170,000

i. Net Changes 4,259,655,694$ 116,475,097$ 52,226,083$ 8,396,126$ 4,436,753,000$

3. SubTotal 52,673,094,590$ 1,206,059,760$ 547,686,277$ 105,635,373$ 54,532,476,000$


5. Balances at June 30, 2018 52,356,084,883$ 1,431,477,495$ 641,847,243$ 103,066,379$ 54,532,476,000$


1. Balances at June 30, 2017 22,444,293,331$ 505,199,949$ 229,708,533$ 48,505,639$ 23,227,707,452$


3,497,426 0 0 (3,497,426) 0

Balances at June 30, 2017 (Revised) 22,447,790,757$ 505,199,949$ 229,708,533$ 45,008,213$ 23,227,707,452$


a. Service Cost 1,379,281,419 37,711,191 16,908,980 2,715,206 1,436,616,796

b. Interest 4,869,078,078 133,126,373 59,691,330 9,585,099 5,071,480,880

c. Changes of Benefit Terms 0 0 0 0 0

d. Differences b/t Expected and Actual Experience (2,146,447,085) (58,686,411) (26,313,869) (4,225,422) (2,235,672,787)

e. Changes of Assumptions 0 0 0 0 0

f. Contributions - Employer (3,734,445,180) (102,115,218) (45,787,386) (7,362,216) (3,889,710,000)

g. Contributions - Other Employer (57,585,238) (1,574,449) (705,953) (113,360) (59,979,000)

h. Contributions - Employee (187,448,932) (5,125,076) (2,297,987) (369,005) (195,241,000)

i. Net Investment Income (6,024,675,160) (164,721,769) (73,858,104) (11,859,967) (6,275,115,000)

j. Benefit Payments 0 0 0 0 0

k. Payment of Interest on TDA Fixed Funds 1,531,787,111 41,880,878 18,778,588 3,015,423 1,595,462,000

l. Administrative Expenses 62,478,816 1,708,245 765,945 122,994 65,076,000

m. Other Changes (28,005,825) (765,713) (343,331) (55,131) (29,170,000)

n. Net Changes (4,335,981,996)$ (118,561,949)$ (53,161,787)$ (8,546,379)$ (4,516,252,111)$

3. SubTotal 18,111,808,761$ 386,638,000$ 176,546,746$ 36,461,834$ 18,711,455,341$


5. Balances at June 30, 2018 17,964,681,158$ 491,175,703$ 220,233,829$ 35,364,651$ 18,711,455,341$







Changes in Net Pension Liability (NPL) by Source - by Obligor




Appendix B

Page 8

2018 2017 2016 2015 2014 2013

1. Total Pension Liability

a. Service Cost 1,436,616,796$ 1,386,673,964$ $1,274,307,859 $1,223,157,877 $1,205,662,452 $1,170,546,070

b. Interest 5,071,480,880$ 5,147,042,567$ 4,131,176,953 4,027,138,338 4,407,702,189 4,176,571,397

c. Changes of Benefit Terms 0 0 0 0 0 0

d. Differences b/t Expected and Actual Experience (2,235,672,787)$ 1,008,248,813$ 1,229,501,602 1,507,964,351 0 0

e. Changes of Assumptions 0 0 2,432,878,017 0 0 0

f. Benefit Payments (4,351,924,000)$ (4,219,312,000)$ (4,107,455,000) (4,024,272,000) (3,818,248,000) (3,619,254,000)

g. Net Changes in Total Pension Liability (79,499,111)$ 3,322,653,344$ 4,960,409,431$ 2,733,988,566$ 1,795,116,641$ 1,727,863,467$

2. Total Pension Liability - Beginning 73,323,430,452$ 70,000,777,108$ 65,040,367,677$ 62,306,379,111$ 60,511,262,470$ 58,783,399,003$

3. Total Pension Liability - Ending 73,243,931,341$ 73,323,430,452$ 70,000,777,108$ 65,040,367,677$ 62,306,379,111$ 60,511,262,470$

4. Plan Fiduciary Net Position

a. Contributions - Employer 3,889,710,000$ 3,888,399,000$ $3,760,714,000 $3,325,528,000 $3,054,424,000 $2,912,844,000


59,979,000$ 57,369,000$ n/a n/a n/a n/a

c. Contributions - Employee 195,241,000$ 180,076,000$ 173,696,000 158,590,000 154,962,000 154,698,000

d. Net Investment Income 6,275,115,000$ 8,133,280,000$ 960,267,000 1,611,929,000 9,435,906,000 5,721,112,000

e. Benefit Payments (4,351,924,000)$ (4,219,312,000)$ (4,107,455,000) (4,024,272,000) (3,818,248,000) (3,619,254,000)

f. Payment of Interest on TDA Fixed Funds (1,595,462,000)$ (1,466,615,000)$ (1,354,207,000) (1,248,988,000) (1,147,923,000) (1,047,979,000)

g. Administrative Expenses (65,076,000)$ (60,790,000)$ (59,367,000) (58,391,000) (46,042,000) (39,682,000)

h. Other Changes 29,170,000$ (46,229,000)$ 1,233,000 329,000 404,000 (44,000)

i. Net Changes in Fiduciary Net Position 4,436,753,000$ 6,466,178,000$ (625,119,000)$ (235,275,000)$ 7,633,483,000$ 4,081,695,000$

5. Plan Fiduciary Net Position - Beginning 50,095,723,000$ 43,629,545,000$ 44,254,664,000$ 44,489,939,000$ 36,856,456,000$ 32,774,761,000$

6. Plan Fiduciary Net Position - Ending 54,532,476,000$ 50,095,723,000$ 43,629,545,000$ 44,254,664,000$ 44,489,939,000$ 36,856,456,000$

7. TRS' Net Pension Liability 18,711,455,341$ 23,227,707,452$ 26,371,232,108$ 20,785,703,677$ 17,816,440,111$ 23,654,806,470$

8. Plan Fiduciary Net Position as a Percentage

of Total Pension Liability 74.5% 68.3% 62.3% 68.0% 71.4% 60.9%

9. Covered Employee Payroll2

9,200,179,606$ 8,818,536,927$ 8,256,100,227$ 8,074,522,271$ 7,996,941,545$ 7,964,148,973$

10. TRS' Net Pension Liability as a Percentage

of Covered Employee Payroll 203.4% 263.4% 319.4% 257.4% 222.8% 297.0%

1Includes amounts for member's portion of Additional Member Contributions and supplemental contributions for the ASAF and ASF Funds.

2Projected Employee Payroll at Time 1.0 under One-Year Lag Methodology.





Appendix B

Page 9



Contributions in relation to the



Contributions as a percentage of

Covered employee payroll1

42.279% 44.093% 44.846% 40.498% 37.652% 36.455% 33.747% 31.114% 31.604% 30.792%

1 The Employer Rate of Contribution equals the Statutory Contribution as a percentage of the salaries of members who were on payroll or projected to be on payroll (under One-Year Lag Methodology) as of the preceding June 30 adjusted,

where applicable, to be consistent with collective bargaining agreements estimated to be achieved.





Appendix B

Page 10

Average Expected

Remaining Service Life

Group Count @ 6/30/2017

Active 118,201 14.80

Active/Inactive 7,401 0.00

Term Vested 14,393 0.00

Retired 84,093 0.00

Total 224,088 7.81





Appendix B

Page 11a

Differences

between Expected Recognition

and Actual Period

Year Experience (Years) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

2015 1,507,964,351$ 3.88 388,650,606 388,650,606 388,650,606 342,012,533 0 0 0 0 0 0

2016 1,229,501,602$ 3.84 320,182,709 320,182,709 320,182,709 268,953,475 0 0 0 0 0

2017 1,008,248,813$ 7.20 140,034,557 140,034,557 140,034,557 140,034,557 140,034,557 140,034,557 140,034,557 28,006,914

2018 (2,235,672,787)$ 7.81 (286,257,719) (286,257,719) (286,257,719) (286,257,719) (286,257,719) (286,257,719) (286,257,719) (231,868,754)

Net increase (decrease) in Pension Expense 388,650,606$ 708,833,315$ 848,867,872$ 515,972,080$ 122,730,313$ (146,223,162)$ (146,223,162)$ (146,223,162)$ (146,223,162)$ (258,250,805)$ (231,868,754)$



Increase (Decrease) in Pension Expense Arising from the Recognition of Differences



Appendix B

Page 11b



Increase (Decrease) in Pension Expense Arising from the Recognition of

Changes in Assumptions

Differences


and Actual Period

Year Experience (Years) 2016 2017 2018 2019 2020

2016 2,432,878,017$ 3.84 633,561,984 633,561,984 633,561,984 532,192,065 -

2017

2018

Net increase (decrease) in Pension Expense 633,561,984$ 633,561,984$ 633,561,984$ 532,192,065$ -$


Appendix B

Page 11c

Differences

between Projected

and Actual

Earnings on Recognition

Pension Plan Period

Year Investments (Years) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

2013 (3,103,533,986)$ 5 (620,706,797) (620,706,797) (620,706,797) (620,706,797) (620,706,798)

2014 (6,422,090,406)$ 5 (1,284,418,081) (1,284,418,081) (1,284,418,081) (1,284,418,081) (1,284,418,082)

2015 1,385,375,562$ 5 277,075,112 277,075,112 277,075,112 277,075,112 277,075,114

2016 1,886,427,168$ 5 377,285,434 377,285,434 377,285,434 377,285,434 377,285,432

2017 (4,593,826,280)$ 5 (918,765,256) (918,765,256) (918,765,256) (918,765,256) (918,765,256)

2018 (2,511,052,439)$ 5 (502,210,488) (502,210,488) (502,210,488) (502,210,488) (502,210,487)

Net increase (decrease) in Pension Expense (620,706,797)$ (1,905,124,878)$ (1,628,049,766)$ (1,250,764,332)$ (2,169,529,589)$ (2,051,033,280)$ (766,615,196)$ (1,043,690,312)$ (1,420,975,744)$ (502,210,487)$






Appendix B

Page 12a

Department of (1) (2) (3) (3)-(2)

Education Proportionate Proportionate

Collective Share Share Change in Recognition

Amount at 6/30/2014 at 6/30/2015 Proportionate Period

at 6/30/2014 96.354% 96.346% Share (Years) 2015 2016 2017 2018

Deferred Outflows

of Resources 0 0 0 0 3.88 0 0 0 0

Deferred Inflows

of Resources (6,999,792,717) (6,744,580,274) (6,744,020,291) 559,983 3.88 144,326 144,326 144,326 127,005

Net Pension Liability (17,816,440,111) (17,166,852,703) (17,165,427,389) 1,425,314 3.88 367,349 367,349 367,349 323,267

Total (24,816,232,828) (23,911,432,977) (23,909,447,680) 1,985,297 511,675 511,675 511,675 450,272

CUNY Senior (1) (2) (3) (3)-(2)

Colleges Proportionate Proportionate



at 6/30/2014 2.502% 2.540% Share (Years) 2015 2016 2017 2018

Deferred Outflows

of Resources 0 0 0 0 3.88 0 0 0 0

Deferred Inflows

of Resources (6,999,792,717) (175,134,814) (177,794,735) (2,659,921) 3.88 (685,547) (685,547) (685,547) (603,280)


Total (24,816,232,828) (620,902,146) (630,332,314) (9,430,168) (2,430,456) (2,430,456) (2,430,456) (2,138,800)

CUNY Community (1) (2) (3) (3)-(2)




at 6/30/2014 0.921% 0.928% Share (Years) 2015 2016 2017 2018

Deferred Outflows

of Resources 0 0 0 0 3.88 0 0 0 0

Deferred Inflows

of Resources (6,999,792,717) (64,468,091) (64,958,076) (489,985) 3.88 (126,285) (126,285) (126,285) (111,130)


Total (24,816,232,828) (228,557,504) (230,294,640) (1,737,136) (447,716) (447,716) (447,716) (393,988)

Charter Schools (1) (2) (3) (3)-(2)

Proportionate Proportionate



at 6/30/2014 0.223% 0.186% Share (Years) 2015 2016 2017 2018

Deferred Outflows

of Resources 0 0 0 0 3.88 0 0 0 0

Deferred Inflows

of Resources (6,999,792,717) (15,609,538) (13,019,615) 2,589,923 3.88 667,506 667,506 667,506 587,405


Total (24,816,232,828) (55,340,200) (46,158,193) 9,182,007 2,366,497 2,366,497 2,366,497 2,082,516



Changes in Proportionate Share











Appendix B

Page 12b

Department of (1) (2) (3) (3)-(2)




at 6/30/2015 96.346% 96.019% Share (Years) 2016 2017 2018 2019

Deferred Outflows

of Resources 2,227,614,195 2,146,217,172 2,138,932,874 (7,284,298) 3.84 (1,896,953) (1,896,953) (1,896,953) (1,593,439)

Deferred Inflows

of Resources (5,094,667,839) (4,908,508,675) (4,891,849,112) 16,659,563 3.84 4,338,427 4,338,427 4,338,427 3,644,282


Total (23,652,757,321) (22,788,485,566) (22,711,141,052) 77,344,514 20,141,798 20,141,798 20,141,798 16,919,120

CUNY Senior (1) (2) (3) (3)-(2)




at 6/30/2015 2.540% 2.779% Share (Years) 2016 2017 2018 2019

Deferred Outflows

of Resources 2,227,614,195 56,581,401 61,905,398 5,323,997 3.84 1,386,458 1,386,458 1,386,458 1,164,623

Deferred Inflows

of Resources (5,094,667,839) (129,404,563) (141,580,819) (12,176,256) 3.84 (3,170,900) (3,170,900) (3,170,900) (2,663,556)


Total (23,652,757,321) (600,780,035) (657,310,126) (56,530,091) (14,721,377) (14,721,377) (14,721,377) (12,365,960)

CUNY Community (1) (2) (3) (3)-(2)




at 6/30/2015 0.928% 1.056% Share (Years) 2016 2017 2018 2019

Deferred Outflows

of Resources 2,227,614,195 20,672,260 23,523,606 2,851,346 3.84 742,538 742,538 742,538 623,732

Deferred Inflows

of Resources (5,094,667,839) (47,278,518) (53,799,692) (6,521,174) 3.84 (1,698,222) (1,698,222) (1,698,222) (1,426,508)


Total (23,652,757,321) (219,497,588) (249,773,117) (30,275,529) (7,884,252) (7,884,252) (7,884,252) (6,622,773)





at 6/30/2015 0.186% 0.146% Share (Years) 2016 2017 2018 2019

Deferred Outflows

of Resources 2,227,614,195 4,143,361 3,252,316 (891,045) 3.84 (232,043) (232,043) (232,043) (194,916)

Deferred Inflows

of Resources (5,094,667,839) (9,476,083) (7,438,215) 2,037,868 3.84 530,696 530,696 530,696 445,780


Total (23,652,757,321) (43,994,131) (34,533,025) 9,461,106 2,463,831 2,463,831 2,463,831 2,069,613














Appendix B

Page 12c

Department of (1) (2) (3) (3)-(2)




at 6/30/2016 96.019% 96.627% Share (Years) 2017 2018 2019 2020 2021 2022 2023 2024

Deferred Outflows

of Resources 5,779,665,137 5,549,576,668 5,584,717,032 35,140,364 7.20 4,880,607 4,880,607 4,880,607 4,880,607 4,880,607 4,880,607 4,880,607 976,116

Deferred Inflows

of Resources (3,189,542,961) (3,062,567,255) (3,081,959,677) (19,392,422) 7.20 (2,693,393) (2,693,393) (2,693,393) (2,693,393) (2,693,393) (2,693,393) (2,693,393) (538,670)

Net Pension Liability (26,371,232,108) (25,321,393,356) (25,481,730,449) (160,337,093) 7.20 (22,269,041) (22,269,041) (22,269,041) (22,269,041) (22,269,041) (22,269,041) (22,269,041) (4,453,804)

Total (23,781,109,932) (22,834,383,943) (22,978,973,094) (144,589,147) (20,081,827) (20,081,827) (20,081,827) (20,081,827) (20,081,827) (20,081,827) (20,081,827) (4,016,358)

CUNY Senior (1) (2) (3) (3)-(2)




at 6/30/2016 2.779% 2.175% Share (Years) 2017 2018 2019 2020 2021 2022 2023 2024

Deferred Outflows

of Resources 5,779,665,137 160,616,894 125,707,717 (34,909,177) 7.20 (4,848,497) (4,848,497) (4,848,497) (4,848,497) (4,848,497) (4,848,497) (4,848,497) (969,698)

Deferred Inflows

of Resources (3,189,542,961) (88,637,399) (69,372,559) 19,264,840 7.20 2,675,672 2,675,672 2,675,672 2,675,672 2,675,672 2,675,672 2,675,672 535,136

Net Pension Liability (26,371,232,108) (732,856,540) (573,574,298) 159,282,242 7.20 22,122,534 22,122,534 22,122,534 22,122,534 22,122,534 22,122,534 22,122,534 4,424,504

Total (23,781,109,932) (660,877,045) (517,239,140) 143,637,905 19,949,709 19,949,709 19,949,709 19,949,709 19,949,709 19,949,709 19,949,709 3,989,942

CUNY Community (1) (2) (3) (3)-(2)




at 6/30/2016 1.056% 0.989% Share (Years) 2017 2018 2019 2020 2021 2022 2023 2024

Deferred Outflows

of Resources 5,779,665,137 61,033,264 57,160,888 (3,872,376) 7.20 (537,830) (537,830) (537,830) (537,830) (537,830) (537,830) (537,830) (107,566)

Deferred Inflows

of Resources (3,189,542,961) (33,681,574) (31,544,580) 2,136,994 7.20 296,805 296,805 296,805 296,805 296,805 296,805 296,805 59,359

Net Pension Liability (26,371,232,108) (278,480,211) (260,811,486) 17,668,725 7.20 2,453,990 2,453,990 2,453,990 2,453,990 2,453,990 2,453,990 2,453,990 490,795

Total (23,781,109,932) (251,128,521) (235,195,178) 15,933,343 2,212,965 2,212,965 2,212,965 2,212,965 2,212,965 2,212,965 2,212,965 442,588





at 6/30/2016 0.146% 0.209% Share (Years) 2017 2018 2019 2020 2021 2022 2023 2024

Deferred Outflows

of Resources 5,779,665,137 8,438,313 12,079,501 3,641,188 7.20 505,720 505,720 505,720 505,720 505,720 505,720 505,720 101,148

Deferred Inflows

of Resources (3,189,542,961) (4,656,731) (6,666,144) (2,009,413) 7.20 (279,084) (279,084) (279,084) (279,084) (279,084) (279,084) (279,084) (55,825)

Net Pension Liability (26,371,232,108) (38,501,999) (55,115,875) (16,613,876) 7.20 (2,307,483) (2,307,483) (2,307,483) (2,307,483) (2,307,483) (2,307,483) (2,307,483) (461,495)

Total (23,781,109,932) (34,720,417) (49,702,518) (14,982,101) (2,080,847) (2,080,847) (2,080,847) (2,080,847) (2,080,847) (2,080,847) (2,080,847) (416,172)














Appendix B

Page 12d

Department of (1) (2) (3) (3)-(2)




at 6/30/2017 96.642% 96.009% Share (Years) 2018 2019 2020 2021 2022 2023 2024 2025

Deferred Outflows

of Resources 2,965,117,022 2,865,548,392 2,846,779,202 (18,769,190) 7.81 (2,403,225) (2,403,225) (2,403,225) (2,403,225) (2,403,225) (2,403,225) (2,403,225) (1,946,616)

Deferred Inflows

of Resources (3,273,472,580) (3,163,549,369) (3,142,828,289) 20,721,080 7.81 2,653,148 2,653,148 2,653,148 2,653,148 2,653,148 2,653,148 2,653,148 2,149,044

Net Pension Liability (23,227,707,452) (22,447,721,036) (22,300,689,648) 147,031,388 7.81 18,826,042 18,826,042 18,826,042 18,826,042 18,826,042 18,826,042 18,826,042 15,249,095

Total (23,536,063,010) (22,745,722,013) (22,596,738,735) 148,983,278 19,075,965 19,075,965 19,075,965 19,075,965 19,075,965 19,075,965 19,075,965 15,451,523

CUNY Senior (1) (2) (3) (3)-(2)




at 6/30/2017 2.175% 2.625% Share (Years) 2018 2019 2020 2021 2022 2023 2024 2025

Deferred Outflows

of Resources 2,965,117,022 64,491,295 77,834,322 13,343,027 7.81 1,708,454 1,708,454 1,708,454 1,708,454 1,708,454 1,708,454 1,708,454 1,383,849

Deferred Inflows

of Resources (3,273,472,580) (71,198,029) (85,928,655) (14,730,626) 7.81 (1,886,124) (1,886,124) (1,886,124) (1,886,124) (1,886,124) (1,886,124) (1,886,124) (1,527,758)

Net Pension Liability (23,227,707,452) (505,202,637) (609,727,321) (104,524,684) 7.81 (13,383,442) (13,383,442) (13,383,442) (13,383,442) (13,383,442) (13,383,442) (13,383,442) (10,840,590)

Total (23,536,063,010) (511,909,371) (617,821,654) (105,912,283) (13,561,112) (13,561,112) (13,561,112) (13,561,112) (13,561,112) (13,561,112) (13,561,112) (10,984,499)

CUNY Community (1) (2) (3) (3)-(2)




at 6/30/2017 0.989% 1.177% Share (Years) 2018 2019 2020 2021 2022 2023 2024 2025

Deferred Outflows

of Resources 2,965,117,022 29,325,007 34,899,427 5,574,420 7.81 713,754 713,754 713,754 713,754 713,754 713,754 713,754 578,142

Deferred Inflows

of Resources (3,273,472,580) (32,374,644) (38,528,772) (6,154,128) 7.81 (787,981) (787,981) (787,981) (787,981) (787,981) (787,981) (787,981) (638,261)

Net Pension Liability (23,227,707,452) (229,722,027) (273,390,117) (43,668,090) 7.81 (5,591,305) (5,591,305) (5,591,305) (5,591,305) (5,591,305) (5,591,305) (5,591,305) (4,528,955)

Total (23,536,063,010) (232,771,664) (277,019,462) (44,247,798) (5,665,532) (5,665,532) (5,665,532) (5,665,532) (5,665,532) (5,665,532) (5,665,532) (4,589,074)





at 6/30/2017 0.194% 0.189% Share (Years) 2018 2019 2020 2021 2022 2023 2024 2025

Deferred Outflows

of Resources 2,965,117,022 5,752,327 5,604,071 (148,256) 7.81 (18,983) (18,983) (18,983) (18,983) (18,983) (18,983) (18,983) (15,375)

Deferred Inflows

of Resources (3,273,472,580) (6,350,537) (6,186,863) 163,674 7.81 20,957 20,957 20,957 20,957 20,957 20,957 20,957 16,975

Net Pension Liability (23,227,707,452) (45,061,752) (43,900,367) 1,161,385 7.81 148,705 148,705 148,705 148,705 148,705 148,705 148,705 120,450

Total (23,536,063,010) (45,659,962) (44,483,159) 1,176,803 150,679 150,679 150,679 150,679 150,679 150,679 150,679 122,050














Appendix B

Page 13a(1)

Component Amount

a. Service Cost 1,386,673,964$

b. Interest on the Total Pension Liability 5,147,042,567

c. Differences between Expected and Actual Experience 848,867,872

d. Changes of Assumptions 633,561,984

e. Employee Contributions (180,076,000)

f. Projected Earnings on Pension Plan Investments (3,539,453,720)

g. Differences between Projected and Actual Earnings on Plan Investments (2,169,529,589)

h. Pension Plan Administrative Expenses 60,790,000

i. Payment of Interest on TDA Fixed Funds 1,466,615,000

j. Other Changes in Fiduciary Net Position 46,229,000






Appendix B

Page 13a(2)

Component Amount











Subtotal 3,575,895,752








Appendix B

Page 13a(3)

Component Amount

a. Service Cost 30,160,159$

b. Interest on the Total Pension Liability 111,948,176




f. Projected Earnings on Pension Plan Investments (76,983,118)

g. Differences between Projected and Actual Earnings on Plan Investments (47,187,269)


i. Payment of Interest on TDA Fixed Funds 31,898,876


Subtotal 80,490,684








Appendix B

Page 13a(4)

Component Amount








h. Pension Plan Administrative Expenses 601,213


j. Other Changes in Fiduciary Net Position 457,205

Subtotal 36,600,131








Appendix B

Page 13a(5)

Component Amount





e. Employee Contributions (376,358)






Subtotal 7,734,511






Charter Schools


Appendix B

Page 13b

Component DEPT. OF ED. SENIOR COLL. COMM. COLL. Charter Schools Total

a. Service Cost 1,339,901,449$ 30,160,159$ 13,714,206$ 2,898,150$ 1,386,673,964$

b. Interest on the Total Pension Liability 4,973,432,821 111,948,176 50,904,251 10,757,319 5,147,042,567

c. Differences between Expected and Actual Experience 820,235,559 18,462,876 8,395,303 1,774,134 848,867,872

d. Changes of Assumptions 612,191,939 13,779,973 6,265,928 1,324,144 633,561,984

e. Employee Contributions (174,002,037) (3,916,653) (1,780,952) (376,358) (180,076,000)

f. Projected Earnings on Pension Plan Investments (3,420,067,947) (76,983,118) (35,005,197) (7,397,458) (3,539,453,720)

g. Differences between Projected and Actual Earnings on Plan Investments (2,096,351,356) (47,187,269) (21,456,648) (4,534,316) (2,169,529,589)

h. Pension Plan Administrative Expenses 58,739,551 1,322,183 601,213 127,053 60,790,000

i. Payment of Interest on TDA Fixed Funds 1,417,146,076 31,898,876 14,504,822 3,065,226 1,466,615,000

j. Other Changes in Fiduciary Net Position 44,669,697 1,005,481 457,205 96,617 46,229,000

k. Changes in Proportionate Share (571,646) (2,797,876) 6,119,003 (2,749,481) 0

Total Pension Expense 3,575,324,106$ 77,692,808$ 42,719,134$ 4,985,030$ 3,700,721,078$





Appendix B

Page 13c(1)

Component Amount










j. Other Changes in Fiduciary Net Position (29,170,000)






Appendix B

Page 13c(2)

Component Amount











Subtotal 3,147,811,461








Appendix B

Page 13c(3)

Component Amount










j. Other Changes in Fiduciary Net Position (765,713)

Subtotal 86,064,901








Appendix B

Page 13c(4)

Component Amount











Subtotal 38,589,863








Appendix B

Page 13c(5)

Component Amount



c. Differences between Expected and Actual Experience 975,187








Subtotal 6,196,674






Charter Schools


Appendix B

Page 13d

Component DEPT. OF ED. SENIOR COLL. COMM. COLL. Charter Schools Total

a. Service Cost 1,379,281,419$ 37,711,191$ 16,908,980$ 2,715,206$ 1,436,616,796$

b. Interest on the Total Pension Liability 4,869,078,078 133,126,373 59,691,330 9,585,099 5,071,480,880

c. Differences between Expected and Actual Experience 495,379,635 13,544,267 6,072,991 975,187 515,972,080

d. Changes of Assumptions 608,276,525 16,631,002 7,457,025 1,197,432 633,561,984

e. Employee Contributions (187,448,932) (5,125,076) (2,297,987) (369,005) (195,241,000)

f. Projected Earnings on Pension Plan Investments (3,613,838,825) (98,806,642) (44,303,016) (7,114,078) (3,764,062,561)

g. Differences between Projected and Actual Earnings on Plan Investments (1,969,176,541) (53,839,624) (24,140,662) (3,876,453) (2,051,033,280)

h. Pension Plan Administrative Expenses 62,478,816 1,708,245 765,945 122,994 65,076,000

i. Payment of Interest on TDA Fixed Funds 1,531,787,111 41,880,878 18,778,588 3,015,423 1,595,462,000

j. Other Changes in Fiduciary Net Position (28,005,825) (765,713) (343,331) (55,131) (29,170,000)

k. Changes in Proportionate Share (19,965,647) 10,471,580 11,730,807 (2,236,740) 0

Total Pension Expense 3,127,845,814$ 96,536,481$ 50,320,670$ 3,959,934$ 3,278,662,899$





Appendix B

Page 14a

For the Fiscal Year ended June 30, 2013, the Obligors recognized Pension Expense for TRS of $3,041,839,656.

At June 30, 2013, the Obligors reported total Deferred Outflows of Resources and Deferred Inflows of Resources

related to pensions for TRS from the following sources:

Deferred Deferred

Outflows Inflows




Net Difference between Projected and Actual Earnings

on Pension Plan Investments 0 2,482,827,189

Total 0$ 2,482,827,189$

Amounts reported as Deferred Outflows of Resources and Deferred Inflows of Resources

related to Pensions for TRS will be recognized in Pension Expense as follows:

Fiscal Year

Ended

June 30 Amount

2013 (620,706,797)$

2014 (620,706,797)

2015 (620,706,797)

2016 (620,706,797)

2017 (620,706,798)





Appendix B

Page 14b


For June 30, 2014, the Obligors determined Deferred Outflows of Resources and Deferred Inflows of Resources


Deferred Deferred

Outflows Inflows






Total 0$ 5,137,672,325$



Fiscal Year

Ended

June 30 Amount

2014 (1,284,418,081)$

2015 (1,284,418,081)

2016 (1,284,418,081)

2017 (1,284,418,081)

2018 (1,284,418,082)





Appendix B

Page 14c

For the Fiscal Year ended June 30, 2015, the Obligors recognized Pension Expense for TRS of $2,162,052,493



Deferred Deferred

Outflows Inflows


Differences between Expected and Actual Experience 1,119,313,745$ 0$



on Pension Plan Investments 1,108,300,450 0

Total 2,227,614,195$ 0$



Fiscal Year

Ended

June 30 Amount

2015 665,725,718$

2016 665,725,718$

2017 665,725,718$

2018 619,087,645$

2019 277,075,114$





Appendix B

Page 14d




Deferred Deferred

Outflows Inflows


Differences between Expected and Actual Experience 909,318,893$ 0$

Changes of Assumptions 1,799,316,033 0


on Pension Plan Investments 1,509,141,734 0

Total 4,217,776,660$ 0$



Fiscal Year

Ended

June 30 Amount

2016 1,331,030,127$

2017 1,331,030,127$

2018 1,331,030,127$

2019 1,178,430,974$

2020 377,285,432$





Appendix B

Page 14e




Deferred Deferred

Outflows Inflows






Total 868,214,256$ 3,675,061,024$



Fiscal Year

Ended

June 30 Amount

2017 (778,730,699)$

2018 (778,730,699)$

2019 (778,730,699)$

2020 (778,730,699)$

2021 (778,730,699)$

Thereafter 308,076,028$





Appendix B

Page 14f




Deferred Deferred

Outflows Inflows






Total 0$ 3,958,257,019$



Fiscal Year

Ended

June 30 Amount

2018 (788,468,207)$

2019 (788,468,207)$

2020 (788,468,207)$

2021 (788,468,207)$

2022 (788,468,206)$

Thereafter (804,384,192)$





Appendix B

Page 14g




Deferred Deferred

Outflows Inflows


Differences between Expected and Actual Experience 997,133,174$ 1,949,415,068$

Changes of Assumptions 532,192,065$ 0


on Pension Plan Investments 0$ 3,733,491,739

Total 1,529,325,239$ 5,682,906,807$



Fiscal Year

Ended

June 30 Amount

2018 (901,499,216)$

2019 (111,692,818)$

2020 (1,189,913,474)$

2021 (1,567,198,906)$

2022 (648,433,649)$

Thereafter (636,342,721)$





Appendix B

Page 15a



Schedule of Pension Amounts by Employer

As of and for the year ended June 30, 2017

Changes in

Net Difference Proportion

Between and Differences

Projected Between

Differences and Actual Employer Total

Between Investment Contributions Deferred

Expected Earnings on and Proportionate Outflows

Net Pension and Actual Change of Pension Plan Share of of

Entity Liability Experience Assumptions Investments Contributions Resources

Department of Education 22,444,293,331$ 1,738,670,459$ 1,126,433,165$ 0$ 113,765,496$ 2,978,869,120$

CUNY Senior Colleges 505,199,949 39,136,145 25,355,151 0 (121,971,658) (57,480,362)

CUNY Community Colleges 229,708,533 17,795,700 11,529,308 0 (787,641) 28,537,367

Charter Schools 48,505,639 3,760,669 2,436,425 0 8,993,803 15,190,897

Total 23,227,707,452$ 1,799,362,973$ 1,165,754,049$ 0$ 0$ 2,965,117,022$

Changes in



Projected Between



Expected Earnings on and Proportionate Inflows

and Actual Change of Pension Plan Share of of

Entity Experience Assumptions Investments Contributions Resources

Department of Education 0$ 0$ 3,163,058,350$ 26,769,366$ 3,189,827,716$

CUNY Senior Colleges 0 0 71,198,029 (27,509,599) 43,688,430

CUNY Community Colleges 0 0 32,374,644 (1,968,276) 30,406,368

Charter Schools 0 0 6,841,557 2,708,509 9,550,066

Total 0$ 0$ 3,273,472,580$ 0$ 3,273,472,580$

Net Amortization of

Deferred Amounts

from Changes in

Proportion

and Differences

Between

Proportionate Employer

Share of Contributions Total

Plan and Proportionate Employer

Pension Share of Pension

Entity Expense Contributions Expense

Department of Education 3,575,895,752$ (571,646)$ 3,575,324,106$

CUNY Senior Colleges 80,490,684 (2,797,876) 77,692,808

CUNY Community Colleges 36,600,131 6,119,003 42,719,134

Charter Schools 7,734,511 (2,749,481) 4,985,030

Total 3,700,721,078$ 0$ 3,700,721,078$

Deferred Inflows of Resources

Pension Expense

Deferred Outflows of Resources


Appendix B

Page 15b





Changes in



Projected Between




Net Pension and Actual Change of Pension Plan Share of of


Department of Education 17,964,681,158$ 957,337,589$ 510,952,279$ 0$ (33,996,251)$ 1,434,293,617$

CUNY Senior Colleges 491,175,703 26,174,746 13,970,042 0 (11,434,343) 28,710,445

CUNY Community Colleges 220,233,829 11,736,257 6,263,901 0 36,385,308 54,385,466

Charter Schools 35,364,651 1,884,582 1,005,843 0 9,045,286 11,935,711

Total 18,711,455,341$ 997,133,174$ 532,192,065$ 0$ 0$ 1,529,325,239$

Changes in



Projected Between




and Actual Change of Pension Plan Share of of


Department of Education 1,871,613,913$ 0$ 3,584,488,084$ 7,668,086$ 5,463,770,083$

CUNY Senior Colleges 51,172,146 0 98,004,158 (12,412,987) 136,763,317

CUNY Community Colleges 22,944,615 0 43,943,198 2,687,682 69,575,495

Charter Schools 3,684,394 0 7,056,299 2,057,219 12,797,912

Total 1,949,415,068$ 0$ 3,733,491,739$ 0$ 5,682,906,807$

Net Amortization of

Deferred Amounts

from Changes in

Proportion

and Differences

Between






Department of Education 3,147,811,461$ (19,965,647)$ 3,127,845,814$

CUNY Senior Colleges 86,064,901 10,471,580 96,536,481

CUNY Community Colleges 38,589,863 11,730,807 50,320,670

Charter Schools 6,196,674 (2,236,740) 3,959,934

Total 3,278,662,899$ 0$ 3,278,662,899$


Pension Expense



Appendix B

Page 15c



Schedule of Collective Pension Amounts


Net Difference Total Net Difference Total

Between Deferred Between Deferred

Projected Outflows of Projected Inflows of

Differences and Actual Resources Differences and Actual Resources

Between Investment Excluding Between Investment Excluding

Expected Earnings on Employer Expected Earnings on Employer Plan

Net Pension and Actual Change of Pension Plan Specific and Actual Change of Pension Plan Specific Pension

Liability Experience Assumptions Investments Amounts Experience Assumptions Investments Amounts Expense

18,711,455,341$ 997,133,174$ 532,192,065$ 0$ 1,529,325,239$ 1,949,415,068$ 0$ 3,733,491,739$ 5,682,906,807$ 3,278,662,899$

Deferred Inflows of ResourcesDeferred Outflows of Resources


Appendix C

Page 1 - Statement of Fiduciary Net Position

Page 2 - Statement of Changes in Fiduciary Net Position



Page 5a - Development of Asset (Gain) / Loss - June 30, 2017

Page 5b - Development of Asset (Gain) / Loss - June 30, 2018


Page 7a - Schedule of Employer Allocations - June 30, 2017

Page 7b - Changes in Net Pension Liability by Source - June 30, 2017

Page 7c - Changes in Net Pension Liability by Source - June 30, 2017 - Summary

Page 7d - Schedule of Employer Allocations - June 30, 2018

Page 7e - Changes in Net Pension Liability by Source - June 30, 2018

Page 7f - Changes in Net Pension Liability by Source - June 30, 2018 - Summary




Page 11a - Increase (Decrease) in Pension Expense Arising from the Recognition of Differences


Page 11b - Increase (Decrease) in Pension Expense Arising from the Recognition of Changes

in Assumptions

Page 11c - Increase (Decrease) in Pension Expense Arising from the Recognition of Differences


Page 12a - Changes in Proportionate Share - June 30, 2015

Page 12b Changes in Proportionate Share - June 30, 2016

Page 12c - Changes in Proportionate Share - June 30, 2017

Page 12d Changes in Proportionate Share - June 30, 2018

Page 13a - Components of Pension Expense - June 30, 2017

Page 13b - Components of Pension Expense - June 30, 2017 - Summary

Page 13c - Components of Pension Expense - June 30, 2018

Page 13d - Components of Pension Expense - June 30, 2018 - Summary

Page 14a - Pension Expense, Total Deferred Inflows/Outflows of Resources @ June 30, 2013

Page 14b - Pension Expense, Deferred Inflows/Outflows of Resources for June 30, 2014

Page 14c - Pension Expense, Deferred Inflows/Outflows of Resources for June 30, 2015

Page 14d - Pension Expense, Deferred Inflows/Outflows of Resources for June 30, 2016

Page 14e - Pension Expense, Deferred Inflows/Outflows of Resources for June 30, 2017

Page 14f - Pension Expense, Deferred Inflows/Outflows of Resources for June 30, 2018

Page 14g - Pension Expense, Total Deferred Inflows/Outflows of Resources @ June 30, 2018

Page 15a - Schedule of Pension Amounts by Employer - June 30, 2017

Page 15b - Schedule of Pension Amounts by Employer - June 30, 2018

Page 15c - Schedule of Collective Pension Amounts - June 30, 2018

APPENDIX C

NEW YORK CITY BOARD OF EDUCATION RETIREMENT SYSTEM (BERS)


Appendix C

Page 1



Statement of Fiduciary Net Position - QPP Only


June 30, 2018 June 30, 2017

ASSETS

Cash 2,106$ 3,232$

Receivables:

Investment securities sold 84,962 98,675

Member loans 50,038 47,935

Accrued interest and dividends 13,273 9,080

Other 794 60


Investments - at fair value

Fixed Return Funds:

Short-term investments:

Commercial paper 69,031 21,496

Short-term investment fund 56,088 30,587

Discount notes 9,331 0

Debt securities 1,531,460 1,103,180

Equity securities 1,687,635 145,431

Alternative investments 765,549 612,677

Collective Trust Funds:

International equity 1,167,563 1,251,628

Domestic equity 152,372 1,738,135

Mortgage debt security 34,966 30,925

Treasury inflation protected securities 283,241 236,943

Fixed income 256,554 113,962

Collateral from securities lending 389,554 374,326

Variable Return Funds:


Debt securities 1,076 828

Equities 51,828 46,309

Collateral from securities lending 586 617

Total Investments 6,457,329 5,707,557$

Other assets 206,757 160,453

Total assets 6,815,259 6,026,992$

LIABILITIES

Accounts payable 34,454 13,884

Payables for investment securities purchased 115,140 92,173

Accrued benefits payable 9,747 9,943

Due to TDA Program from the System 1,592,875 1,436,478

Securities lending 390,140 374,943

Total liabilities 2,142,356 1,927,421$

Plan Net Position Held in Trust for Benefits 4,672,903 4,099,571$


Appendix C

Page 2



Statement of Changes in Fiduciary Net Position - QPP Only


June 30, 2018 June 30, 2017

Fixed Variable Fixed Variable

ADDITIONS

Contributions:

Member Contributions 40,846$ 0$ 39,804$ 17$

Employer Contributions 318,643 0 288,233 0

Total contributions 359,489$ 0$ 328,037$ 17$

Investment income:

Interest income 75,332 30 54,905 60

Dividend income 78,935 694 69,098 1,513

Net appreciation (depreciation) in fair value 421,135 5,180 754,163 6,097

Total investment income 575,402$ 5,904$ 878,166$ 7,670$

Less:

Investment expenses 19,384 45 29,204 0

Net income 556,018 5,859 848,962 7,670

Securities lending transactions:

Securities lending income 3,995 0 6,118 0

Securities lending fees (295) 0 (240) 0

Net securities lending income 3,700 0 5,878 0

Net investment income 559,718 5,859 854,840 7,670

Other:

Net receipts from other retirement systems 51,058 (34) (122,954) 0

Litigation income 0 0 0 0

Total additions 970,265$ 5,825$ 1,059,923$ 7,687$

DEDUCTIONS

Benefit payments and withdrawals 261,574 0 259,827 2,605

Payment of Interest on TDA Fixed Funds 127,972 0 106,554 0

Administrative expenses 13,212 0 15,486 0

Total deductions 402,758$ 0$ 381,867$ 2,605$

INCREASE IN PLAN NET POSITION 567,507 5,825 678,056 5,082

PLAN NET POSITION HELD IN TRUST FOR BENEFITS:

Beginning of year 4,051,902$ 47,669$ 3,373,846$ 42,587$

End of year 4,619,409$ 53,494$ 4,051,902$ 47,669$


Appendix C

Page 3


1. Plan Net Position @ 6/30/2016 3,373,846,000$ 42,587,000$ 3,416,433,000$


a. ER Contributions 288,233,000 0 288,233,000

b. EE Contributions 39,804,000 17,000 39,821,000

c. Net Investment Income 854,840,000 7,670,000 862,510,000

d. Benefit Payments (259,827,000) (2,605,000) (262,432,000)

e. Payment of Interest on TDA Fixed Funds (106,554,000) 0 (106,554,000)

f. Administrative Expenses (15,486,000) 0 (15,486,000)

g. Other (122,954,000) 0 (122,954,000)

h. Net Changes 678,056,000$ 5,082,000$ 683,138,000$



a. ER Contributions 318,643,000 0 318,643,000

b. EE Contributions 40,846,000 0 40,846,000

c. Net Investment Income 559,718,000 5,859,000 565,577,000

d. Benefit Payments (261,574,000) 0 (261,574,000)

e. Payment of Interest on TDA Fixed Funds (127,972,000) 0 (127,972,000)

f. Administrative Expenses (13,212,000) 0 (13,212,000)

g. Other 51,058,000 (34,000) 51,024,000

h. Net Changes 567,507,000$ 5,825,000$ 573,332,000$


Market Values of Assets - QPP Only




Appendix C

Page 4

Long-Term

Target Expected

Asset Real Rate








Total 100%




The Long-Term Expected Rate of Return (LTEROR) assumption on pension fund investments was determined using a

Building-Block Method in which best-estimate ranges of Expected Real Rates of Return (i.e. Expected Returns, net of

pension fund investment expenses and inflation) are developed for each major asset class. These ranges are combined to

produce the LTEROR by weighting the Expected Real Rates of Return (RROR) by the Target Asset Allocation percentage

and by adding Expected Inflation. The Target Asset Allocation and best estimates of Arithmetic Real Rates of Return for

each major asset class are summarized in the following table:

The Discount Rate used to measure the Total Pension Liability was 7.0% per annum. The projection of Cash Flows used to

determine the Discount Rate assumes that employee contributions will be made at the rates applicable to the current Tier for

each member and that employer contributions will be made at rates as determined by the Actuary. Based on those

assumptions, the pension fund's Fiduciary Net Position is projected to be available to make all projected future benefit

payments of current active and non-active members. Therefore, the Long-Term Expected Rate of Return on pension fund

investments was applied to all periods of projected benefit payments to determine the Total Pension Liability.


Appendix C

Page 5a


1. Market Value 6/30/2016 3,373,846,000$ 42,587,000$ 3,416,433,000$

2. Market Value 6/30/2017 4,051,902,000 47,669,000 4,099,571,000

3. Net Investment Income 854,840,000 7,670,000 862,510,000

4. Cash Flow (176,784,000) (2,588,000) (179,372,000)

(2. - 1. - 3.)


230,086,083 7,670,000 237,756,083

(7% * 1. + 3.441% * 4.)

6. (Gain) / Loss (624,753,917) 0 (624,753,917)

(5. - 3.)



(6. / 7.)

9. Deferred (Inflow) / Outflow of Resources (499,803,134)$ 0$ (499,803,134)$

(6. - 8.)

1Variable Funds Projected Earnings set equal to Variable Funds Net Investment Income.




June 30, 2017


Appendix C

Page 5b


1. Market Value 6/30/2017 4,051,902,000$ 47,669,000$ 4,099,571,000$

2. Market Value 6/30/2018 4,619,409,000 53,494,000 4,672,903,000

3. Net Investment Income 559,718,000 5,859,000 565,577,000

4. Cash Flow 7,789,000 (34,000) 7,755,000

(2. - 1. - 3.)


283,901,159 5,859,000 289,760,159

(7% * 1. + 3.441% * 4.)

6. (Gain) / Loss (275,816,841) 0 (275,816,841)

(5. - 3.)



(6. / 7.)

9. Deferred (Inflow) / Outflow of Resources (220,653,473)$ 0$ (220,653,473)$

(6. - 8.)

1Variable Funds Projected Earnings set equal to Variable Funds Net Investment Income.




June 30, 2018


Appendix C

Page 6


1. Entry Age Accrued Liability (EAAL) at 6/30/2016 4,644,728,608$ 20,637,885$ 4,665,366,493$

2. Entry Age Normal Cost at 6/30/2016 170,053,074 0 170,053,074

3. Benefit Payments-FY2017 259,827,000 2,605,000 262,432,000

4. Interest1

328,094,071 7,670,000 335,764,071

5. Roll-Forward EAAL at 6/30/2017 4,883,048,753$ 25,702,885$ 4,908,751,638$

6. Entry Age Normal Cost at 6/30/2017 176,109,730 0 176,109,730

7. Benefit Payments-FY2018 261,574,000 0 261,574,000

8. Interest1

345,140,332 5,859,000 350,999,332

9. Roll-Forward EAAL at 6/30/2018 5,142,724,815$ 31,561,885$ 5,174,286,700$

1Interest on Variable Funds set equal to Variable Funds Net Investment Income.





Appendix C

Page 7a

2017

Actual Employer

Employer Allocation


Department of Education (DOE) 274,613,972$ 95.2749%

School Construction Authority (SCA) 13,502,320 4.6845%

Charter Schools 116,925 0.0406%

Total 288,233,217$ 100.0000%




June 30, 2017


Appendix C

Page 7b(1)



(a) (b) (a) - (b)

1. Balances at June 30, 2016 4,800,698,288$ 3,416,433,000$ 1,384,265,288$


a. Service Cost 168,625,048 0 168,625,048

b. Interest 346,508,926 0 346,508,926

c. Differences b/t Expected and Actual Experience 19,938,359 0 19,938,359

d. Changes of Assumptions 0 0 0

e. Contributions - Employer 0 288,233,000 (288,233,000)

f. Contributions - Employee 0 39,821,000 (39,821,000)

g. Net Investment Income 0 862,510,000 (862,510,000)

h. Benefit Payments (262,432,000) (262,432,000) 0

i. Administrative Expenses 0 (15,486,000) 15,486,000


k. Other Changes 0 (122,954,000) 122,954,000

l. Net Changes 272,640,333$ 683,138,000$ (410,497,667)$

3. Balances at June 30, 2017 5,073,338,621$ 4,099,571,000$ 973,767,621$






Appendix C

Page 7b(2)



(a) (b) (a) - (b)

1. Balances at June 30, 2016 96.8080% 4,647,460,002$ 3,307,380,460$ 1,340,079,542$


a. 160,657,347 0 160,657,347

b. Interest 330,136,033 0 330,136,033

c. Differences b/t Expected and Actual Experience 18,996,252 0 18,996,252






i. Administrative Expenses 0 (14,754,271) 14,754,271


k. Other Changes 0 (117,144,300) 117,144,300

l. Net Changes 259,757,807$ 650,859,098$ (391,101,291)$

3. SubTotal 4,907,217,809$ 3,958,239,558$ 948,978,251$


5. Balances at June 30, 2017 95.2749% 4,833,618,300$ 3,905,862,220$ 927,756,080$







Appendix C

Page 7b(3)



(a) (b) (a) - (b)

1. Balances at June 30, 2016 3.1787% 152,599,797$ 108,598,155$ 44,001,642$


a. Service Cost 7,899,240 0 7,899,240

b. Interest 16,232,211 0 16,232,211

c. Differences b/t Expected and Actual Experience 934,012 0 934,012






i. Administrative Expenses 0 (725,442) 725,442


k. Other Changes 0 (5,759,780) 5,759,780

l. Net Changes 12,771,836$ 32,001,645$ (19,229,809)

3. SubTotal 165,371,633$ 140,599,800$ 24,771,833


5. Balances at June 30, 2017 4.6845% 237,660,548$ 192,044,449$ 45,616,099




School Construction Authority



Appendix C

Page 7b(4)



(a) (b) (a) - (b)

1. Balances at June 30, 2016 0.0133% 638,489$ 454,385$ 184,104$


a. Service Cost 68,461 0 68,461

b. Interest 140,682 0 140,682

c. Differences b/t Expected and Actual Experience 8,095 0 8,095


e. Contributions - Employer 0 116,925 (116,925)

f. Contributions - Employee 0 16,168 (16,168)

g. Net Investment Income 0 350,180 (350,180)

h. Benefit Payments (106,548) (106,548) 0

i. Administrative Expenses 0 (6,287) 6,287

j. Payment of Interest on TDA Fixed Funds 0 (43,261) 43,261

k. Other Changes 0 (49,920) 49,920

l. Net Changes 110,690$ 277,257$ (166,567)$

3. SubTotal 749,179$ 731,642$ 17,537$

4. Changes in Proportionate Share 1,310,594 932,689 377,905

5. Balances at June 30, 2017 0.0406% 2,059,773$ 1,664,331$ 395,442$




Charter Schools



Appendix C

Page 7c

DOE SCA Charter Schools TOTAL

1. Balances at June 30, 2016 4,647,460,002$ 152,599,797$ 638,489$ 4,800,698,288$


a. Service Cost 160,657,347 7,899,240 68,461 168,625,048

b. Interest 330,136,033 16,232,211 140,682 346,508,926

c. Differences b/t Expected and Actual Experience 18,996,252 934,012 8,095 19,938,359

d. Changes of Assumptions 0 0 0 0

e. Benefit Payments (250,031,825) (12,293,627) (106,548) (262,432,000)

f. Net Changes 259,757,807$ 12,771,836$ 110,690$ 272,640,333$

3. SubTotal 4,907,217,809$ 165,371,633$ 749,179$ 5,073,338,621$

4. Changes in Proportionate Share (73,599,509)$ 72,288,915$ 1,310,594$ 0$

5. Balances at June 30, 2017 4,833,618,300$ 237,660,548$ 2,059,773$ 5,073,338,621$


6. Balances at June 30, 2016 3,307,380,460$ 108,598,155$ 454,385$ 3,416,433,000$


a. Contributions - Employer 274,613,755 13,502,320 116,925 288,233,000

b. Contributions - Employee 37,939,417 1,865,415 16,168 39,821,000

c. Net Investment Income 821,755,539 40,404,281 350,180 862,510,000

d. Benefit Payments (250,031,825) (12,293,627) (106,548) (262,432,000)

e. Administrative Expenses (14,754,271) (725,442) (6,287) (15,486,000)

f. Payment of Interest on TDA Fixed Funds (101,519,217) (4,991,522) (43,261) (106,554,000)

g. Other Changes (117,144,300) (5,759,780) (49,920) (122,954,000)

h. Net Changes 650,859,098$ 32,001,645$ 277,257$ 683,138,000$

8. SubTotal 3,958,239,558$ 140,599,800$ 731,642$ 4,099,571,000$

9. Changes in Proportionate Share (52,377,338)$ 51,444,649$ 932,689$ 0$

10. Balances at June 30, 2017 3,905,862,220$ 192,044,449$ 1,664,331$ 4,099,571,000$


11. Balances at June 30, 2016 1,340,079,542$ 44,001,642$ 184,104$ 1,384,265,288$


a. Service Cost 160,657,347 7,899,240 68,461 168,625,048

b. Interest 330,136,033 16,232,211 140,682 346,508,926

c. Differences b/t Expected and Actual Experience 18,996,252 934,012 8,095 19,938,359


e. Contributions - Employer (274,613,755) (13,502,320) (116,925) (288,233,000)

f. Contributions - Employee (37,939,417) (1,865,415) (16,168) (39,821,000)

g. Net Investment Income (821,755,539) (40,404,281) (350,180) (862,510,000)

h. Benefit Payments 0 0 0 0

i. Administrative Expenses 14,754,271 725,442 6,287 15,486,000

j. Payment of Interest on TDA Fixed Funds 101,519,217 4,991,522 43,261 106,554,000

k. Other Changes 117,144,300 5,759,780 49,920 122,954,000

l. Net Changes (391,101,291)$ (19,229,809)$ (166,567)$ (410,497,667)$

13. SubTotal 948,978,251$ 24,771,833$ 17,537$ 973,767,621$

14. Changes in Proportionate Share (21,222,171)$ 20,844,266$ 377,905$ 0$

15. Balances at June 30, 2017 927,756,080$ 45,616,099$ 395,442$ 973,767,621$

Net Pension Liablility




Balances as of June 30, 2017




Appendix C

Page 7d

2018

Actual Employer

Employer Allocation


Department of Education (DOE)1

304,936,987$ 95.698%

School Construction Authority (SCA) 13,618,620 4.274%

Charter Schools 87,727 0.028%

Total 318,643,334$ 100.000%




June 30, 2018

1The Beginning with Children Charter School (BWC) closed in 2016. The employer contribution for BWC of $15,180 has been included with the

results for the Department of Education.


Appendix C

Page 7e(1)



(a) (b) (a) - (b)

1. Balances at June 30, 2017 5,073,338,621$ 4,099,571,000$ 973,767,621$


a. Service Cost 176,109,730 0 176,109,730

b. Interest 350,999,332 0 350,999,332


d. Differences b/t Expected and Actual Experience (164,586,983) 0 (164,586,983)

e. Changes of Assumptions 0 0 0

f. Contributions - Employer 0 318,643,000 (318,643,000)

g. Contributions - Employee 0 40,846,000 (40,846,000)


i. Benefit Payments (261,574,000) (261,574,000) 0

j. Administrative Expenses 0 (13,212,000) 13,212,000


l. Other Changes 0 51,024,000 (51,024,000)

m. Net Changes 100,948,079$ 573,332,000$ (472,383,921)$

3. Balances at June 30, 2018 5,174,286,700$ 4,672,903,000$ 501,383,700$






Appendix C

Page 7e(2)



(a) (b) (a) - (b)

1. Balances at June 30, 2017 95.2749% 4,833,618,300$ 3,905,862,220$ 927,756,080$


0.0050% 253,667 204,919 48,748

Balances at June 30, 2017 (Revised) 95.2799% 4,833,871,967$ 3,906,067,139$ 927,804,828$


a. Service Cost 168,533,489 0 168,533,489

b. Interest 335,899,341 0 335,899,341








j. Administrative Expenses 0 (12,643,620) 12,643,620


l. Other Changes 0 48,828,947 (48,828,947)

m. Net Changes 96,605,293$ 548,668,931$ (452,063,638)$

3. SubTotal 4,930,477,260$ 4,454,736,070$ 475,741,190$


5. Balances at June 30, 2018 95.698% 4,951,688,886$ 4,471,874,713$ 479,814,173$






1The Beginning with Children Charter School (BWC) closed in 2016. Balances for BWC have been included with the results for the Department of Education.


Appendix C

Page 7e(3)



(a) (b) (a) - (b)

1. Balances at June 30, 2017 4.6845% 237,660,548$ 192,044,449$ 45,616,099$


a. Service Cost 7,526,930 0 7,526,930

b. Interest 15,001,711 0 15,001,711








j. Administrative Expenses 0 (564,681) 564,681


l. Other Changes 0 2,180,766 (2,180,766)

m. Net Changes 4,314,520$ 24,504,028$ (20,189,508)

3. SubTotal 241,975,068$ 216,548,477$ 25,426,591


5. Balances at June 30, 2018 4.274% 221,149,014$ 199,719,874$ 21,429,140$







Appendix C

Page 7e(4)



(a) (b) (a) - (b)

1. Balances at June 30, 2017 0.0406% 2,059,773$ 1,664,331$ 395,442$


(0.005%) (253,667) (204,919) (48,748)

Balances at June 30, 2017 0.0356% 1,806,106$ 1,459,412$ 346,694$


a. Service Cost 49,311 0 49,311

b. Interest 98,280 0 98,280


d. Differences b/t Expected and Actual Experience (46,084) 0 (46,084)


f. Contributions - Employer 0 87,727 (87,727)

g. Contributions - Employee 0 11,437 (11,437)

h. Net Investment Income 0 158,362 (158,362)

i. Benefit Payments (73,241) (73,241) 0

j. Administrative Expenses 0 (3,699) 3,699

k. Payment of Interest on TDA Fixed Funds 0 (35,832) 35,832

l. Other Changes 0 14,287 (14,287)

m. Net Changes 28,266$ 159,041$ (130,775)$

3. SubTotal 1,834,372$ 1,618,453$ 215,919$


5. Balances at June 30, 2018 0.028% 1,448,800$ 1,308,413$ 140,387$






Charter Schools


Appendix C

Page 7f


1. Balances at June 30, 2017 4,833,618,300$ 237,660,548$ 2,059,773$ 5,073,338,621$


253,667 0 (253,667) 0

Balances at June 30, 2017 (Revised) 4,833,871,967$ 237,660,548$ 1,806,106$ 5,073,338,621$


a. Service Cost 168,533,489 7,526,930 49,311 176,109,730

b. Interest 335,899,341 15,001,711 98,280 350,999,332

c. Changes of Benefit Terms 0 0 0 0

d. Differences b/t Expected and Actual Experience (157,506,451) (7,034,448) (46,084) (164,586,983)

e. Changes of Assumptions 0 0 0 0

f. Benefit Payments (250,321,086) (11,179,673) (73,241) (261,574,000)

g. Net Changes 96,605,293$ 4,314,520$ 28,266$ 100,948,079$

3. SubTotal 4,930,477,260$ 241,975,068$ 1,834,372$ 5,174,286,700$

4. Changes in Proportionate Share 21,211,626$ (20,826,054)$ (385,572)$ 0$

5. Balances at June 30, 2018 4,951,688,886$ 221,149,014$ 1,448,800$ 5,174,286,700$


6. Balances at June 30, 2017 3,905,862,220$ 192,044,449$ 1,664,331$ 4,099,571,000$


204,919 0 (204,919) 0

Balances at June 30, 2017 (Revised) 3,906,067,139$ 192,044,449$ 1,459,412$ 4,099,571,000$


a. Contributions - Employer 304,936,653 13,618,620 87,727 318,643,000

b. Contributions - Employee 39,088,805 1,745,758 11,437 40,846,000

c. Net Investment Income 541,245,877 24,172,761 158,362 565,577,000

d. Benefit Payments (250,321,086) (11,179,673) (73,241) (261,574,000)

e. Administrative Expenses (12,643,620) (564,681) (3,699) (13,212,000)

f. Payment of Interest on TDA Fixed Funds (122,466,645) (5,469,523) (35,832) (127,972,000)

g. Other Changes 48,828,947 2,180,766 14,287 51,024,000

h. Net Changes 548,668,931$ 24,504,028$ 159,041$ 573,332,000$

8. SubTotal 4,454,736,070$ 216,548,477$ 1,618,453$ 4,672,903,000$


10. Balances at June 30, 2018 4,471,874,713$ 199,719,874$ 1,308,413$ 4,672,903,000$


11. Balances at June 30, 2017 927,756,080$ 45,616,099$ 395,442$ 973,767,621$


48,748 0 (48,748) 0

Balances at June 30, 2017 (Revised) 927,804,828$ 45,616,099$ 346,694$ 973,767,621$


a. Service Cost 168,533,489 7,526,930 49,311 176,109,730

b. Interest 335,899,341 15,001,711 98,280 350,999,332

c. Changes of Benefit Terms 0 0 0 0

c. Differences b/t Expected and Actual Experience (157,506,451) (7,034,448) (46,084) (164,586,983)


e. Contributions - Employer (304,936,653) (13,618,620) (87,727) (318,643,000)

f. Contributions - Employee (39,088,805) (1,745,758) (11,437) (40,846,000)

g. Net Investment Income (541,245,877) (24,172,761) (158,362) (565,577,000)

h. Benefit Payments 0 0 0 0

i. Administrative Expenses 12,643,620 564,681 3,699 13,212,000

j. Payment of Interest on TDA Fixed Funds 122,466,645 5,469,523 35,832 127,972,000

k. Other Changes (48,828,947) (2,180,766) (14,287) (51,024,000)

l. Net Changes (452,063,638)$ (20,189,508)$ (130,775)$ (472,383,921)$

13. SubTotal 475,741,190$ 25,426,591$ 215,919$ 501,383,700$


15. Balances at June 30, 2018 479,814,173$ 21,429,140$ 140,387$ 501,383,700$




Net Pension Liablility




Balances as of June 30, 2018


Appendix C

Page 8

2018 2017 2016 2015 (Revised) 2014 2013

1. Total Pension Liability

a. Service Cost 176,109,730$ 168,625,048$ 153,106,995$ 147,898,591$ 142,686,386$ 138,530,472$

b. Interest 350,999,332 346,508,926 320,315,152 299,591,999 288,162,040 271,737,317

c. Changes of Benefit Terms 0 0 0 0 0 0

d. Differences b/t Expected and Actual Experience (164,586,983) 19,938,359 (75,906,864) 50,147,724 0 0

e. Changes of Assumptions 0 0 183,677,129 0 0 0

f. Benefit Payments (261,574,000) (262,432,000) (240,727,000) (223,244,000) (214,315,000) (204,093,000)

g. Net Changes in Total Pension Liability 100,948,079$ 272,640,333$ 340,465,412$ 274,394,314$ 216,533,426$ 206,174,789$

2. Total Pension Liability - Beginning 5,073,338,621$ 4,800,698,288$ 4,460,232,876$ 4,185,838,562$ 3,969,305,136$ 3,763,130,347$

3. Total Pension Liability - Ending 5,174,286,700$ 5,073,338,621$ 4,800,698,288$ 4,460,232,876$ 4,185,838,562$ 3,969,305,136$

4. Plan Fiduciary Net Position

a. Contributions - Employer 318,643,000$ 288,233,000$ 265,532,000$ 258,099,000$ 214,590,000$ 196,246,000$

b. Contributions - Employee 40,846,000 39,821,000 38,581,000 39,564,000 37,193,000 39,056,000

c. Net Investment Income 565,577,000 862,510,000 164,144,000 177,166,000 875,453,000 660,827,000

d. Benefit Payments (261,574,000) (262,432,000) (240,727,000) (223,244,000) (214,315,000) (204,093,000)

e. Administrative Expenses (13,212,000) (15,486,000) (12,818,000) (10,956,000) (9,776,000) (8,927,000)

f. Payment of Interest on TDA Fixed Funds (127,972,000) (106,554,000) (94,789,000) (85,104,000) (206,615,000) (163,756,000)

g. Other Changes 51,024,000 (122,954,000) (157,499,000) (52,021,000) (70,916,000) (176,301,000)

h. Net Changes in Fiduciary Net Position 573,332,000$ 683,138,000$ (37,576,000)$ 103,504,000$ 625,614,000$ 343,052,000$

5. Plan Fiduciary Net Position - Beginning 4,099,571,000$ 3,416,433,000$ 3,454,009,000$ 3,350,505,000$ 2,653,651,000$ 2,310,599,000$

6. Plan Fiduciary Net Position - Ending 4,672,903,000$ 4,099,571,000$ 3,416,433,000$ 3,454,009,000$ 3,279,265,000$ 2,653,651,000$

7. BERS' Net Pension Liability 501,383,700$ 973,767,621$ 1,384,265,288$ 1,006,223,876$ 906,573,562$ 1,315,654,136$

8. Plan Fiduciary Net Position as a Percentage

of Total Pension Liability 90.3% 80.8% 71.2% 77.4% 78.3% 66.9%

9. Covered Employee Payroll 1

1,102,183,933$ 1,052,171,260$ 1,008,055,944$ 1,016,822,150$ 989,160,097$ 886,178,191$

10. BERS' Net Pension Liability as a Percentage

of Covered Employee Payroll 45.5% 92.5% 137.3% 99.0% 91.7% 148.5%

1Projected Employee Payroll at Time 1.0 under One-Year Lag Methodology.





Appendix C

Page 9


Actuarially Determined Contribution 318,643$ 288,233$ 265,532$ 258,099$ 214,590$ 196,246$ 213,651$ 180,191$ 147,349$ 134,225$

Contributions in relation to the

Actuarially Determined Contribution 318,643$ 288,233$ 265,532$ 258,099$ 214,590$ 196,246$ 213,651$ 180,191$ 147,349$ 134,225$


Contributions as a percentage of

Covered Employee Payroll 1

28.910% 27.394% 26.341% 25.383% 21.694% 22.145% 24.293% 20.461% 17.822% 17.766%

1 The Employer Rate of Contribution equals the Statutory Contribution as a percentage of the salaries of members who were on payroll or projected to be on payroll (under One-Year Lag Methodology) as of the preceding June 30 adjusted, where

applicable, to be consistent with collective bargaining agreements estimated to be achieved.





Appendix C

Page 10

Average Expected

Remaining Service Life

Group Count @ 6/30/2017

Active 25,864 10.47

Active/Inactive 2,629 0

Term Vested 851 0

Retired 16,937 0

Total 46,281 5.85





Appendix C

Page 11a

Differences


and Actual Period

Year Experience (Years) 2015 2016 2017 2018 2019 2020 2021 2022 2023

2015 50,147,724$ 3.30 15,196,280 15,196,280 15,196,280 4,558,884 0 0 0 0 0

2016 (75,906,864)$ 3.19 (23,795,255) (23,795,255) (23,795,255) (4,521,099) 0 0 0 0

2017 19,938,359$ 5.17 3,856,549 3,856,549 3,856,549 3,856,549 3,856,549 655,614 0

2018 (164,586,983)$ 5.85 (28,134,527) (28,134,527) (28,134,527) (28,134,527) (28,134,527) (23,914,348)

Net increase (decrease) in Pension Expense 15,196,280$ (8,598,975)$ (4,742,426)$ (43,514,349)$ (28,799,077)$ (24,277,978)$ (24,277,978)$ (27,478,913)$ (23,914,348)$






Appendix C

Page 11b



Increase (Decrease) in Pension Expense Arising from the Recognition of

Changes in Assumptions

Changes Recognition

in Period

Year Assumptions (Years) 2016 2017 2018 2019 2020

2016 183,677,129$ 3.19 57,579,037 57,579,037 57,579,037 10,940,018 0

2017

2018

Net increase (decrease) in Pension Expense 57,579,037$ 57,579,037$ 57,579,037$ 10,940,018$ 0$


Appendix C

Page 11c

Differences

between Projected

and Actual

Earnings on Recognition

Pension Plan Period

Year Investments (Years) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

2013 (505,387,204)$ 5 (101,077,441) (101,077,441) (101,077,441) (101,077,441) (101,077,440)

2014 (691,610,182)$ 5 (138,322,036) (138,322,036) (138,322,036) (138,322,036) (138,322,038)

2015 54,021,526$ 5 10,804,305 10,804,305 10,804,305 10,804,305 10,804,306

2016 67,373,543$ 5 13,474,709 13,474,709 13,474,709 13,474,709 13,474,707

2017 (624,753,917)$ 5 (124,950,783) (124,950,783) (124,950,783) (124,950,783) (124,950,785)

2018 (275,816,841)$ 5 (55,163,368) (55,163,368) (55,163,368) (55,163,368) (55,163,369)

Net increase (decrease) in Pension Expense (101,077,441)$ (239,399,477)$ (228,595,172)$ (215,120,463)$ (340,071,245)$ (294,157,175)$ (155,835,136)$ (166,639,444)$ (180,114,153)$ (55,163,369)$






Appendix C

Page 12a

Department of (1) (2) (3) (3)-(2)




at 6/30/2014 95.9638% 96.5724% Share (Years) 2015 2016 2017 2018

Deferred Outflows

of Resources 0 0 0 0 3.30 0 0 0 0

Deferred Inflows

of Resources (856,520,468) (821,949,589) (827,162,372) (5,212,783) 3.30 (1,579,631) (1,579,631) (1,579,631) (473,890)

Net Pension Liability (835,333,562) (801,617,829) (806,701,669) (5,083,840) 3.30 (1,540,557) (1,540,557) (1,540,557) (462,169)

Total (1,691,854,030) (1,623,567,418) (1,633,864,041) (10,296,623) (3,120,188) (3,120,188) (3,120,188) (936,059)

School Construction (1) (2) (3) (3)-(2)

Authority Proportionate Proportionate



at 6/30/2014 4.0287% 3.4105% Share (Years) 2015 2016 2017 2018

Deferred Outflows

of Resources 0 0 0 0 3.30 0 0 0 0

Deferred Inflows

of Resources (856,520,468) (34,506,640) (29,211,631) 5,295,009 3.30 1,604,548 1,604,548 1,604,548 481,365

Net Pension Liability (835,333,562) (33,653,083) (28,489,051) 5,164,032 3.30 1,564,858 1,564,858 1,564,858 469,458

Total (1,691,854,030) (68,159,723) (57,700,682) 10,459,041 3,169,406 3,169,406 3,169,406 950,823





at 6/30/2014 0.0075% 0.0171% Share (Years) 2015 2016 2017 2018

Deferred Outflows

of Resources 0 0 0 0 3.30 0 0 0 0

Deferred Inflows

of Resources (856,520,468) (64,239) (146,465) (82,226) 3.30 (24,917) (24,917) (24,917) (7,475)

Net Pension Liability (835,333,562) (62,650) (142,842) (80,192) 3.30 (24,301) (24,301) (24,301) (7,289)

Total (1,691,854,030) (126,889) (289,307) (162,418) (49,218) (49,218) (49,218) (14,764)











Appendix C

Page 12b

Department of (1) (2) (3) (3)-(2)




at 6/30/2015 96.5724% 96.8080% Share (Years) 2016 2017 2018 2019

Deferred Outflows

of Resources 78,168,665 75,489,357 75,673,522 184,165 3.19 57,732 57,732 57,732 10,969

Deferred Inflows

of Resources (617,120,991) (595,968,552) (597,422,488) (1,453,936) 3.19 (455,779) (455,779) (455,779) (86,599)


Total (1,545,176,202) (1,492,213,741) (1,495,854,177) (3,640,436) (1,141,202) (1,141,202) (1,141,202) (216,830)





at 6/30/2015 3.4105% 3.1787% Share (Years) 2016 2017 2018 2019

Deferred Outflows

of Resources 78,168,665 2,665,942 2,484,747 (181,195) 3.19 (56,801) (56,801) (56,801) (10,792)

Deferred Inflows

of Resources (617,120,991) (21,046,911) (19,616,425) 1,430,486 3.19 448,428 448,428 448,428 85,202


Total (1,545,176,202) (52,698,234) (49,116,516) 3,581,718 1,122,795 1,122,795 1,122,795 213,333





at 6/30/2015 0.0171% 0.0133% Share (Years) 2016 2017 2018 2019

Deferred Outflows

of Resources 78,168,665 13,366 10,396 (2,970) 3.19 (931) (931) (931) (177)

Deferred Inflows

of Resources (617,120,991) (105,528) (82,078) 23,450 3.19 7,351 7,351 7,351 1,397

Net Pension Liability (1,006,223,876) (172,065) (133,827) 38,238 3.19 11,987 11,987 11,987 2,277

Total (1,545,176,202) (264,227) (205,509) 58,718 18,407 18,407 18,407 3,497











Appendix C

Page 12c

Department of (1) (2) (3) (3)-(2)




at 6/30/2016 96.8080% 95.2749% Share (Years) 2017 2018 2019 2020 2021 2022

Deferred Outflows

of Resources 232,165,006 224,754,299 221,194,978 (3,559,321) 5.17 (688,456) (688,456) (688,456) (688,456) (688,456) (117,041)

Deferred Inflows

of Resources (429,833,123) (416,112,850) (409,523,077) 6,589,773 5.17 1,274,618 1,274,618 1,274,618 1,274,618 1,274,618 216,683

Net Pension Liability (1,384,265,288) (1,340,079,540) (1,318,857,369) 21,222,171 5.17 4,104,869 4,104,869 4,104,869 4,104,869 4,104,869 697,826

Total (1,581,933,405) (1,531,438,091) (1,507,185,468) 24,252,623 4,691,031 4,691,031 4,691,031 4,691,031 4,691,031 797,468





at 6/30/2016 3.1787% 4.6845% Share (Years) 2017 2018 2019 2020 2021 2022

Deferred Outflows

of Resources 232,165,006 7,379,829 10,875,770 3,495,941 5.17 676,197 676,197 676,197 676,197 676,197 114,956

Deferred Inflows

of Resources (429,833,123) (13,663,105) (20,135,533) (6,472,428) 5.17 (1,251,920) (1,251,920) (1,251,920) (1,251,920) (1,251,920) (212,828)

Net Pension Liability (1,384,265,288) (44,001,641) (64,845,907) (20,844,266) 5.17 (4,031,773) (4,031,773) (4,031,773) (4,031,773) (4,031,773) (685,401)

Total (1,581,933,405) (50,284,917) (74,105,670) (23,820,753) (4,607,496) (4,607,496) (4,607,496) (4,607,496) (4,607,496) (783,273)





at 6/30/2016 0.0133% 0.0406% Share (Years) 2017 2018 2019 2020 2021 2022

Deferred Outflows

of Resources 232,165,006 30,878 94,258 63,380 5.17 12,259 12,259 12,259 12,259 12,259 2,085

Deferred Inflows

of Resources (429,833,123) (57,168) (174,513) (117,345) 5.17 (22,698) (22,698) (22,698) (22,698) (22,698) (3,855)

Net Pension Liability (1,384,265,288) (184,107) (562,012) (377,905) 5.17 (73,096) (73,096) (73,096) (73,096) (73,096) (12,425)

Total (1,581,933,405) (210,397) (642,267) (431,870) (83,535) (83,535) (83,535) (83,535) (83,535) (14,195)











Appendix C

Page 12d

Department of (1) (2) (3) (3)-(2)




at 6/30/2017 95.2799% 95.698% Share (Years) 2018 2019 2020 2021 2022 2023

Deferred Outflows

of Resources 89,159,749 84,951,320 85,324,096 372,776 5.85 63,722 63,722 63,722 63,722 63,722 54,166

Deferred Inflows

of Resources (604,408,790) (575,880,090) (578,407,124) (2,527,034) 5.85 (431,971) (431,971) (431,971) (431,971) (431,971) (367,179)

Net Pension Liability (973,767,621) (927,804,816) (931,876,138) (4,071,322) 5.85 (695,953) (695,953) (695,953) (695,953) (695,953) (591,557)

Total (1,489,016,662) (1,418,733,586) (1,424,959,166) (6,225,580) (1,064,202) (1,064,202) (1,064,202) (1,064,202) (1,064,202) (904,570)





at 6/30/2017 4.6845% 4.274% Share (Years) 2018 2019 2020 2021 2022 2023

Deferred Outflows

of Resources 89,159,749 4,176,688 3,810,688 (366,000) 5.85 (62,564) (62,564) (62,564) (62,564) (62,564) (53,180)

Deferred Inflows

of Resources (604,408,790) (28,313,530) (25,832,432) 2,481,098 5.85 424,119 424,119 424,119 424,119 424,119 360,503

Net Pension Liability (973,767,621) (45,616,144) (41,618,828) 3,997,316 5.85 683,302 683,302 683,302 683,302 683,302 580,806

Total (1,489,016,662) (69,752,986) (63,640,572) 6,112,414 1,044,857 1,044,857 1,044,857 1,044,857 1,044,857 888,129





at 6/30/2017 0.0356% 0.028% Share (Years) 2018 2019 2020 2021 2022 2023

Deferred Outflows

of Resources 89,159,749 31,741 24,965 (6,776) 5.85 (1,158) (1,158) (1,158) (1,158) (1,158) (986)

Deferred Inflows

of Resources (604,408,790) (215,170) (169,234) 45,936 5.85 7,852 7,852 7,852 7,852 7,852 6,676

Net Pension Liability (973,767,621) (346,661) (272,655) 74,006 5.85 12,651 12,651 12,651 12,651 12,651 10,751

Total (1,489,016,662) (530,090) (416,924) 113,166 19,345 19,345 19,345 19,345 19,345 16,441











Appendix C

Page 13a(1)



Component Amount



c. Differences between Expected and Actual Experience (4,742,426)











Appendix C

Page 13a(2)



Component Amount











SubTotal 186,087,371$






Appendix C

Page 13a(3)



Component Amount



c. Differences between Expected and Actual Experience (222,159)








SubTotal 9,149,590$






Appendix C

Page 13a(4)

NEW YORK CITY BOARD OF EDUCATION RETIREMENT SYSTEM (BERS) NEW YORK CITY BOARD OF EDUCATION RETIREMENT SYSTEM (BERS)

Components of Pension Expense for the Fiscal Year Ended June 30, 2017 Components of Pension Expense for the Fiscal Year Ended June 30, 2017

Component Amount

a. Service Cost 68,461$

b. Interest on the Total Pension Liability 140,682


d. Changes of Assumptions 23,377


f. Projected Earnings on Pension Plan Investments (96,530)

g. Differences between Projected and Actual Earnings on Plan Investments (138,069)


i. Payment of Interest on TDA Fixed Funds 43,261


SubTotal 79,296$



Charter Schools



Appendix C

Page 13b

Component DOE SCA Charter Schools Total

a. Service Cost 160,657,347$ 7,899,240$ 68,461$ 168,625,048$

b. Interest on the Total Pension Liability 330,136,033 16,232,211 140,682 346,508,926

c. Differences between Expected and Actual Experience (4,518,342) (222,159) (1,925) (4,742,426)

d. Changes of Assumptions 54,858,370 2,697,290 23,377 57,579,037

e. Employee Contributions (37,939,417) (1,865,415) (16,168) (39,821,000)

f. Projected Earnings on Pension Plan Investments (226,521,869) (11,137,684) (96,530) (237,756,083)

g. Differences between Projected and Actual Earnings on Plan Investments (324,002,539) (15,930,637) (138,069) (340,071,245)

h. Pension Plan Administrative Expenses 14,754,271 725,442 6,287 15,486,000

i. Payment of Interest on TDA Fixed Funds 101,519,217 4,991,522 43,261 106,554,000

j. Other Changes in Fiduciary Net Position 117,144,300 5,759,780 49,920 122,954,000

k. Changes in Proportionate Share (429,641) 315,295 114,346 0

Total Pension Expense 185,657,730$ 9,464,885$ 193,642$ 195,316,257$





Appendix C

Page 13c(1)



Component Amount














Appendix C

Page 13c(2)



Component Amount











SubTotal 6,287,758$






Appendix C

Page 13c(3)



Component Amount











SubTotal 280,819$






Appendix C

Page 13c(4)



Component Amount

a. Service Cost 49,311$

b. Interest on the Total Pension Liability 98,280


d. Changes of Assumptions 16,122


f. Projected Earnings on Pension Plan Investments (81,133)

g. Differences between Projected and Actual Earnings on Plan Investments (82,364)


i. Payment of Interest on TDA Fixed Funds 35,832


SubTotal 1,839$



Charter Schools



Appendix C

Page 13d

Component DOE SCA Charter Schools Total

a. Service Cost 168,533,489$ 7,526,930$ 49,311$ 176,109,730$

b. Interest on the Total Pension Liability 335,899,341 15,001,711 98,280 350,999,332

c. Differences between Expected and Actual Experience (41,642,362) (1,859,803) (12,184) (43,514,349)

d. Changes of Assumptions 55,101,987 2,460,928 16,122 57,579,037

e. Employee Contributions (39,088,805) (1,745,758) (11,437) (40,846,000)

f. Projected Earnings on Pension Plan Investments (277,294,677) (12,384,349) (81,133) (289,760,159)

g. Differences between Projected and Actual Earnings on Plan Investments (281,502,533) (12,572,278) (82,364) (294,157,175)

h. Pension Plan Administrative Expenses 12,643,620 564,681 3,699 13,212,000

i. Payment of Interest on TDA Fixed Funds 122,466,645 5,469,523 35,832 127,972,000

j. Other Changes in Fiduciary Net Position (48,828,947) (2,180,766) (14,287) (51,024,000)

k. Changes in Proportionate Share (1,558,611) 1,489,021 69,590 0

Total Pension Expense 4,729,147$ 1,769,840$ 71,429$ 6,570,416$





Appendix C

Page 14a

For the Fiscal Year ended June 30, 2013, the Obligors recognized Pension Expense for BERS of $463,678,552.


related to pensions for BERS from the following sources:

Deferred Deferred

Outflows Inflows





on Pension Plan Investments 0 404,309,763

Total 0$ 404,309,763$


related to Pensions for BERS will be recognized in Pension Expense as follows:

Fiscal Year

Ended

June 30 Amount

2013 (101,077,441)$

2014 (101,077,441)

2015 (101,077,441)

2016 (101,077,441)

2017 (101,077,440)





Appendix C

Page 14b




Deferred Deferred

Outflows Inflows






Total 0$ 553,288,146$



Fiscal Year

Ended

June 30 Amount

2014 (138,322,036)$

2015 (138,322,036)

2016 (138,322,036)

2017 (138,322,036)

2018 (138,322,038)





Appendix C

Page 14c




Deferred Deferred

Outflows Inflows





on Pension Plan Investments 43,217,221 0

Total 78,168,665$ 0$



Fiscal Year

Ended

June 30 Amount

2015 26,000,585$

2016 26,000,585

2017 26,000,585

2018 15,363,189

2019 10,804,306





Appendix C

Page 14d




Deferred Deferred

Outflows Inflows





on Pension Plan Investments 53,898,834 0

Total 179,996,926$ 52,111,609$



Fiscal Year

Ended

June 30 Amount

2016 47,258,491$

2017 47,258,491

2018 47,258,491

2019 19,893,628

2020 13,474,707





Appendix C

Page 14e




Deferred Deferred

Outflows Inflows






Total 16,081,810$ 499,803,134$



Fiscal Year

Ended

June 30 Amount

2017 (121,094,234)$

2018 (121,094,234)

2019 (121,094,234)

2020 (121,094,234)

2021 (121,094,236)

2022 655,614





Appendix C

Page 14f




Deferred Deferred

Outflows Inflows






Total 0$ 357,105,929$



Fiscal Year

Ended

June 30 Amount

2018 (83,297,895)$

2019 (83,297,895)

2020 (83,297,895)

2021 (83,297,895)

2022 (83,297,896)

2023 (23,914,348)





Appendix C

Page 14g




Deferred Deferred

Outflows Inflows


Differences between Expected and Actual Experience 12,225,261$ 140,973,555$




Total 23,165,279$ 698,725,657$



Fiscal Year

Ended

June 30 Amount

2018 (280,092,487)$

2019 (173,694,195)

2020 (190,917,422)

2021 (204,392,131)

2022 (82,642,282)

2023 (23,914,348)





Appendix C

Page 15a

Changes in



Projected Between




Net Pension and Actual Changes of Pension Plan Share of of


Department of Education 927,756,080$ 19,665,401$ 65,281,461$ 0$ (20,069,665)$ 64,877,197$

School Construction Authority 45,616,099 966,913 3,209,775 0 19,678,457$ 23,855,145

Charter Schools 395,442 8,380 27,819 0 391,208$ 427,407

Total 973,767,621$ 20,640,694$ 68,519,055$ 0$ 0$ 89,159,749$

Changes in



Projected Between




and Actual Changes of Pension Plan Share of of


Department of Education 26,978,377$ 0$ 548,871,492$ (2,802,164)$ 573,047,705$

School Construction Authority 1,326,480 0 26,987,050 2,752,151 31,065,681

Charter Schools 11,497 0 233,894 50,013 295,404

Total 28,316,354$ 0$ 576,092,436$ 0$ 604,408,790$

Net Amortization of

Deferred Amounts

from Changes in

Proportion

and Differences

Between






Department of Education 186,087,371$ (429,641)$ 185,657,730$

School Construction Authority 9,149,590 315,295 9,464,885

Charter Schools 79,296 114,346 193,642

Total 195,316,257$ 0$ 195,316,257$


Pension Expense







Appendix C

Page 15b

Changes in



Projected Between




Net Pension and Actual Changes of Pension Plan Share of of


Department of Education 479,814,173$ 11,699,330$ 10,469,379$ 0$ (11,381,001)$ 10,787,708$

School Construction Authority 21,429,140 522,508 467,576 0 11,154,190$ 12,144,274

Charter Schools 140,387 3,423 3,063 0 226,811$ 233,297

Total 501,383,700$ 12,225,261$ 10,940,018$ 0$ 0$ 23,165,279$

Changes in



Projected Between




and Actual Changes of Pension Plan Share of of


Department of Education 134,908,872$ 0$ 533,757,606$ (1,865,694)$ 666,800,784$

School Construction Authority 6,025,210 0 23,838,325 1,829,319 31,692,854

Charter Schools 39,473 0 156,171 36,375 232,019

Total 140,973,555$ 0$ 557,752,102$ 0$ 698,725,657$

Net Amortization of

Deferred Amounts

from Changes in

Proportion

and Differences

Between






Department of Education 6,287,758$ (1,558,611)$ 4,729,147$

School Construction Authority 280,819 1,489,021 1,769,840

Charter Schools 1,839 69,590 71,429

Total 6,570,416$ 0$ 6,570,416$





Pension Expense




Appendix C

Page 15c

Net Difference Total Net Difference Total

Between Deferred Between Deferred

Projected Outflows of Projected Inflows of

Differences and Actual Resources Differences and Actual Resources

Between Investment Excluding Between Investment Excluding

Expected Earnings on Employer Expected Earnings on Employer Plan

Net Pension and Actual Changes of Pension Plan Specific and Actual Changes of Pension Plan Specific Pension

Liability Experience Assumptions Investments Amounts Experience Assumptions Investments Amounts Expense

501,383,700$ 12,225,261$ 10,940,018$ 0$ 23,165,279$ 140,973,555$ 0$ 557,752,102$ 698,725,657$ 6,570,416$

Deferred Outflows of Resources Deferred Inflows of Resources



Schedule of Collective Pension Amounts



Appendix D

Page 1a - Statement of Fiduciary Net Position - POLICEPage 1b - Statement of Fiduciary Net Position - POVSFPage 1c - Statement of Fiduciary Net Position - PSOVSF

Page 2a - Statement of Changes in Fiduciary Net Position - POLICEPage 2b - Statement of Changes in Fiduciary Net Position - POVSFPage 2c - Statement of Changes in Fiduciary Net Position - PSOVSF




Page 6 - Roll-Forward of Entry Age Actuarial Accrued Liabilities to June 30, 2018

Page 7a - Changes in Net Pension Liability by Source - June 30, 2017Page 7b - Changes in Net Pension Liability by Source - June 30, 2018




Page 11a - Increase (Decrease) in Pension Expense Arising from the Recognition of Differences between Expected and Actual Experience

Page 11b - Increase (Decrease) in Pension Expense Arising from the Recognition of Changes in Assumptions

Page 11c - Increase (Decrease) in Pension Expense Arising from the Recognition of Differences between Projected and Actual Earnings on Pension Plan Investments

Page 12a - Components of Pension Expense - June 30, 2017Page 12b - Components of Pension Expense - June 30, 2018

Page 13a - Pension Expense, Total Deferred Inflows/Outflows of Resources at June 30, 2013Page 13b - Pension Expense, Deferred Inflows/Outflows of Resources for June 30, 2014Page 13c - Pension Expense, Deferred Inflows/Outflows of Resources for June 30, 2015Page 13d - Pension Expense, Deferred Inflows/Outflows of Resources for June 30, 2016Page 13e - Pension Expense, Deferred Inflows/Outflows of Resources for June 30, 2017Page 13f - Pension Expense, Deferred Inflows/Outflows of Resources for June 30, 2018Page 13g - Pension Expense, Total Deferred Inflows/Outflows of Resources at June 30, 2018

APPENDIX D

NEW YORK CITY POLICE PENSION FUND (POLICE)


Appendix DPage 1a






Cash 4,789$ 107,908$

Receivables:Investment securities sold 546,611 694,085Member loans 232,882 234,570Transferrable earnings due from VSFs 0 326,195Accrued interest and dividends 5,754 3,238

Total receivables 785,247$ 1,258,088$


Commercial paper 0 0Short-term investment fund 708,871 465,204U.S. treasury bills and agencies 0 0Discount notes 0 0

Debt securities:U.S. government and agency 9,951,525 7,702,198Corporate and other 0 0Equity securities 11,946,234 6,518,200Alternative Investments 7,976,474 7,209,973

Collective trust funds:Fixed income 759,814 695,704Domestic equity 124,872 6,785,844International equity 6,273,065 6,588,906Mortgage debt security 186,862 308,817Treasury inflation protected securities 1,744,591 1,592,909Promissory notes 0 0Collateral from securities lending 4,832,615 3,853,421



Total assets 45,301,542$ 43,104,839$

LIABILITIESAccounts payable 302,529 468,980Payables for investment securities purchased 629,892 556,363Accrued benefits payable 91,639 84,111Accrued Transfers to VSFs 1,486,000 2,718,439Securities lending 4,832,615 3,853,421




Appendix DPage 1b

NEW YORK CITY POLICE DEPARTMENTPOLICE OFFICERS' VARIABLE SUPPLEMENTS FUND (POVSF)





Cash 2,509$ 1,880$

Receivables:Investment securities sold 516 100,709Accrued Transfers from QPP 194,000 1,038,637Accrued interest and dividends 839 199

Total receivables 195,355$ 1,139,545$

Investments - at fair valueShort term investments:

Commercial paper 0 0Short-term investments fund 1,675 8,551U.S. treasury bills and agencies 0 0Discount notes 0 0

Debt securities:U.S. government and agency 0 15Corporate and other 0 0Equities Securities 0 0

Collective trust funds:Fixed income 663,025 452,707Domestic equity 648,654 444,732International equity 558,172 404,825Collateral from securities lending 56,506 53,248


Other assets 0 0

Total assets 2,125,896$ 2,505,503$

LIABILITIESAccounts payable 149 290Payables for investment securities purchased 459 100,608Transferrable earnings due to QPP 0 250,751Accrued benefits payable 76,906 75,739Securities lending 56,506 53,248

Total liabilities 134,020$ 480,636$



Appendix DPage 1c




Cash 804$ 584$

Receivables:Investment securities sold 3,807 17,802Accrued Transfers from QPP 1,292,000 1,679,802Accrued interest and dividends 507 26



Commercial paper 0 0Short-term investment fund 58 4,755U.S. treasury bills and agencies 0 0

Debt securities:U.S. government and agency 0 0Corporate and other 0 0

Collective trust funds:Fixed income 523,775 77,417Domestic equity 516,598 79,630International equity 437,593 73,055Collateral from securities lending 38,372 9,556

Total Investments 1,516,396$ 244,413$

Other assets 0 0

Total assets 2,813,514$ 1,942,627$

LIABILITIESAccounts payable & accrued liabilities 186 64Payables for investment securities purchased 3,746 17,795Transferrable earnings due to QPP 0 75,444Accrued benefits payable 115,640 112,389Securities lending 38,372 9,556



POLICE SUPERIOR OFFICERS' VARIABLE SUPPLEMENTS FUND (PSOVSF)NEW YORK CITY POLICE DEPARTMENT



Appendix DPage 2a








Investment income:Interest income 517,469 400,562Dividend income 485,726 485,237Net appreciation (depreciation) in fair value 3,190,498 3,418,739



Net income 3,908,450 4,059,250

Securities lending transactions:Securities lending income 18,703 22,034Securities lending fees (1,870) (1,537)

Net securities lending income 16,833$ 20,497$

Net investment income 3,925,283$ 4,079,747$

Transferrable earnings due from VSFs 0 25,562

Other:Net receipts from other retirement systems 1,627 2,450Litigation income 1,781 7,931

Other total 3,408 10,381

Total additions 6,610,875$ 6,685,831$

DEDUCTIONSBenefit payments and withdrawals 2,774,387 2,571,999Accrued Transfers to VSFs 1,280,000 2,154,000Administrative expenses 21,146 18,917

Total deductions 4,075,533$ 4,744,916$



End of year 37,958,867$ 35,423,525$


Appendix DPage 2b

NEW YORK CITY POLICE DEPARTMENTPOLICE OFFICERS' VARIABLE SUPPLEMENTS FUND (POVSF)





Contributions:Member Contributions 0$ 0$ Employer Contributions 0 0

Total contributions 0$ 0$

Investment income:Interest income 14,619 7,892Dividend income 26,532 24,359Net appreciation (depreciation) in fair value (40,510) 134,327

Total investment income 641$ 166,578$

Less:Investment expenses 1,126 561

Net income (485) 166,017

Securities lending transactions:Securities lending income 866 792Securities lending fees (87) (54)

Net securities lending income 779$ 738$

Net investment income 294 166,755

Other:Litigation income 31 74

Accrued Transfer from QPP 130,000 738,000

Total additions 130,325 904,829

DEDUCTIONSBenefit payments and withdrawals 163,316 158,216Transferrable earnings due to QPP 0 29,364

Total deductions 163,316 187,580

INCREASE IN PLAN NET POSITION (32,991) 717,249


End of year 1,991,876$ 2,024,867$


Appendix DPage 2c

NEW YORK CITY POLICE DEPARTMENTPOLICE SUPERIOR OFFICERS' VARIABLE SUPPLEMENTS FUND (PSOVSF)







Investment income:Interest income 7,682 1,878Dividend income 15,955 6,129Net appreciation (depreciation) in fair value 14,903 32,328

Total investment income 38,540$ 40,335$

Less:Investment expenses 579 145

Net income 37,961 40,190



Net investment income 38,433 40,392

Other:Litigation income 26 52

Accrued Transfer from QPP 1,150,000 1,419,802

Total additions 1,188,459 1,460,246

DEDUCTIONSBenefit payments and withdrawals 260,268 254,618Transferrable earnings due to QPP 0 0


INCREASE IN PLAN NET POSITION 928,191 1,205,628

PLAN NET POSITION HELD IN TRUST FOR BENEFITS:Beginning of year 1,727,379$ 521,751$

End of year 2,655,570$ 1,727,379$


Appendix DPage 3

QPP POVSF PSOVSF Total1. Plan Net Position @ 6/30/2016 33,156,415,000$ 1,558,369,000$ 597,195,000$ 35,311,979,000$ 2. Accrued Benefits Payable 0 76,586,000 113,709,000 190,295,0003. Transferrable Earnings due from QPP to VSFs 326,195,000 (250,751,000) (75,444,000) 04. Adjusted Market Value @ 6/30/2016 33,482,610,000 1,384,204,000 635,460,000 35,502,274,000

5. Changes for the year:a. ER Contributions 2,293,840,000 0 0 2,293,840,000b. EE Contributions 276,301,000 0 0 276,301,000c. Net Investment Income 4,079,747,000 166,755,000 40,392,000 4,286,894,000d. Benefit Payments 1 (2,571,999,000) (159,063,000) (255,938,000) (2,987,000,000)e. Administrative Expenses (18,917,000) 0 0 (18,917,000)f. Other 10,381,000 74,000 52,000 10,507,000g. Net Changes 4,069,353,000$ 7,766,000$ (215,494,000)$ 3,861,625,000$

6. Plan Net Position @ 6/30/2017 37,551,963,000$ 1,316,231,000$ 307,577,000$ 39,175,771,000$ 7. Accrued Benefits Payable 0 75,739,000 112,389,000 188,128,0008. Transferrable Earnings due from VSFs to QPP (2,128,438,000) 708,636,000 1,419,802,000 09. Adjusted Market Value @ 6/30/2017 35,423,525,000$ 2,100,606,000$ 1,839,768,000$ 39,363,899,000$

10. Changes for the year:a. ER Contributions 2,415,153,000 0 0 2,415,153,000b. EE Contributions 267,031,000 0 0 267,031,000c. Net Investment Income 3,925,283,000 294,000 38,433,000 3,964,010,000d. Benefit Payments 2 (2,774,387,000) (162,149,000) (257,017,000) (3,193,553,000)e. Administrative Expenses (21,146,000) 0 0 (21,146,000)f. Other 3,408,000 31,000 26,000 3,465,000g. Net Changes 3,815,342,000$ (161,824,000)$ (218,558,000)$ 3,434,960,000$

11. Plan Net Position @ 6/30/2018 39,238,867,000$ 1,861,876,000$ 1,505,570,000$ 42,606,313,000$ 12. Accrued Benefits Payable 0 76,906,000 115,640,000 192,546,00013. Transferrable Earnings due from QPP to VSFs (1,280,000,000) 130,000,000 1,150,000,000 014. Adjusted Market Value @ 6/30/2018 37,958,867,000$ 2,068,782,000$ 2,771,210,000$ 42,798,859,000$

1 Includes Net Accrued Benefits Payable of -$847,000 for POVSF and -$1,320,000 for PSOVSF.2 Includes Net Accrued Benefits Payable of $1,167,000 for POVSF and $3,251,000 for PSOVSF.





Appendix DPage 4

Long-TermTarget Expected Asset Real Rate








Total 100%

The Discount Rate used to measure the Total Pension Liability was 7.0% per annum. The projection of Cash Flows used todetermine the Discount Rate assumes that employee contributions will be made at the rates applicable to the current Tier foreach member and that employer contributions will be made at rates as determined by the Actuary. Based on thoseassumptions, the pension fund's Fiduciary Net Position is projected to be available to make all projected future benefitpayments of current active and non-active members. Therefore, the Long-Term Expected Rate of Return on pension fundinvestments was applied to all periods of projected benefit payments to determine the Total Pension Liability.




The Long-Term Expected Rate of Return (LTEROR) assumption on pension fund investments was determined using aBuilding-Block Method in which best-estimate ranges of Expected Real Rates of Return (i.e. Expected Returns, net ofpension fund investment expenses and inflation) are developed for each major asset class. These ranges are combined toproduce the LTEROR by weighting the Expected Real Rates of Return (RROR) by the Target Asset Allocation percentageand by adding Expected Inflation. The Target Asset Allocation and best estimates of Arithmetic Real Rates of Return foreach major asset class are summarized in the following table:


Appendix DPage 5a

QPP POVSF PSOVSF Total

1. Assets

a. Market Value 6/30/2016* 33,156,415,000$ 1,634,955,000$ 710,904,000$ 35,502,274,000$

b. 2016 Transferrable Earnings due from VSFs to QPP 326,195,000 (250,751,000) (75,444,000) 0

c. Adjusted Market Value @6/30/2016 33,482,610,000 1,384,204,000 635,460,000 35,502,274,000

d. Market Value 6/30/2017** 37,551,963,000 1,391,970,000 419,966,000 39,363,899,000

e. 2017 Transferrable Earnings due from QPP to VSFs (2,128,438,000) 708,636,000 1,419,802,000 0

f. Adjusted Market Value @6/30/2017 35,423,525,000 2,100,606,000 1,839,768,000 39,363,899,000

2. Net Investment Income 4,079,747,000 166,755,000 40,392,000 4,286,894,000

3. Cash Flow 315,801,000 (409,740,000) (331,330,000) (425,269,000)(1.d. - 1.a. - 2.)

4. Projected Earnings 2,331,815,762 100,347,697 38,362,215 2,470,525,674 (7% * 1.a. + 3.441% * 3.)

5. (Gain) / Loss (1,747,931,238) (66,407,303) (2,029,785) (1,816,368,326)(4. - 2.)

6. Recognition Period 5 Years 5 Years 5 Years 5 Years

7. Amount Recognized in Pension Expense (349,586,248) (13,281,461) (405,957) (363,273,666)(5. / 6.)

8. Deferred (Inflow) / Outflow of Resources (1,398,344,990)$ (53,125,842)$ (1,623,828)$ (1,453,094,660)$ (5. - 7.)

* Before Reflecting 2016 Transferrable Earnings to QPP.

** Before Reflecting 2017 Transferrable Earnings to VSFs.





Appendix DPage 5b

QPP POVSF PSOVSF Total

1. Assets

a. Market Value 6/30/2017* 37,551,963,000$ 1,391,970,000$ 419,966,000$ 39,363,899,000$

b. 2017 Transferrable Earnings due from QPP to VSFs (2,128,438,000) 708,636,000 1,419,802,000 0

c. Adjusted Market Value @6/30/2017 35,423,525,000 2,100,606,000 1,839,768,000 39,363,899,000

d. Market Value 6/30/2018** 39,238,867,000 1,938,782,000 1,621,210,000 42,798,859,000

e. 2018 Transferrable Earnings due from QPP to VSFs (1,280,000,000) 130,000,000 1,150,000,000 0

f. Adjusted Market Value @6/30/2018 37,958,867,000 2,068,782,000 2,771,210,000 42,798,859,000

2. Net Investment Income 3,925,283,000 294,000 38,433,000 3,964,010,000

3. Cash Flow (2,238,379,000) 546,518,000 1,162,811,000 (529,050,000)(1.d. - 1.a. - 2.)

4. Projected Earnings 2,551,614,789 116,243,584 69,409,947 2,737,268,320 (7% * 1.a. + 3.441% * 3.)

5. (Gain) / Loss (1,373,668,211) 115,949,584 30,976,947 (1,226,741,680)(4. - 2.)


7. Amount Recognized in Pension Expense (274,733,642) 23,189,917 6,195,389 (245,348,336)(5. / 6.)

8. Deferred (Inflow) / Outflow of Resources (1,098,934,569)$ 92,759,667$ 24,781,558$ (981,393,344)$ (5. - 7.)

* Before Reflecting 2017 Transferrable Earnings to VSFs.

** Before Reflecting 2018 Transferrable Earnings to VSFs.





Appendix DPage 6

QPP POVSF PSOVSF Total1. EA Accrued Liability at 6/30/2016 44,744,562,849$ 1,950,543,796$ 3,665,772,974$ 50,360,879,619$ 2. EA Normal Cost at 6/30/2016 1,222,635,377 52,378,583 45,329,629 1,320,343,5893. Benefit Payments-FY2017 2,571,999,000 159,063,000 255,938,000 2,987,000,0004. Interest 3,129,201,390 134,731,209 250,970,356 3,514,902,955

5. Roll-Forward EAAL at 6/30/2017 46,524,400,616$ 1,978,590,588$ 3,706,134,959$ 52,209,126,163$ 6. Changes of Benefit Terms in FY2017 90,362,746 10,230,978 4,077,370 104,671,0947. Adjusted EAAL at 6/30/2017 46,614,763,362$ 1,988,821,566$ 3,710,212,329$ 52,313,797,257$

8. EA Normal Cost at 6/30/2017* 1,281,545,193 57,874,880 46,858,861 1,386,278,9349. Benefit Payments-FY2018 2,774,387,000 162,149,000 257,017,000 3,193,553,00010. Interest 3,257,274,942 137,689,204 254,151,028 3,649,115,174

11. Roll-Forward EAAL at 6/30/2018 48,379,196,497$ 2,022,236,650$ 3,754,205,218$ 54,155,638,365$

*Includes normal cost attributable to "Changes of Benefit Terms at 6/30/2017" of $22,230,755 for QPP, $3,924,940 for POVSF and $169,343 for PSOVSF.





Appendix DPage 7a(1)



2. Changes for the Year:a. Service Cost 1,320,416,462 0 1,320,416,462b. Interest 3,524,331,362 0 3,524,331,362c. Changes of Benefit Terms 0 0 0d. Differences b/t Expected and Actual Experience (645,248,116) 0 (645,248,116)e. Changes of Assumptions 0 0 0f. Contributions - Employer 0 2,293,840,000 (2,293,840,000)g. Contributions - Employee 0 276,301,000 (276,301,000)h. Net Investment Income 0 4,286,894,000 (4,286,894,000)i. Benefit Payments (2,987,000,000) (2,987,000,000) 0j. Administrative Expenses 0 (18,917,000) 18,917,000k. Other Changes 0 10,507,000 (10,507,000)l. Net Changes 1,212,499,708$ 3,861,625,000$ (2,649,125,292)$

3. Balances at June 30, 2017 52,353,246,102$ 39,363,899,000$ 12,989,347,102$




Changes in Net Pension Liability (NPL) by SourceBalances at June 30, 2017

Total





2. Changes for the Year:a. Service Cost 1,221,506,234 0 1,221,506,234b. Interest 3,138,262,665 0 3,138,262,665c. Changes of Benefit Terms 0 0 0d. Differences b/t Expected and Actual Experience (632,751,258) 0 (632,751,258)e. Changes of Assumptions 0 0 0f. Contributions - Employer 0 2,293,840,000 (2,293,840,000)g. Contributions - Employee 0 276,301,000 (276,301,000)h. Net Investment Income 0 4,079,747,000 (4,079,747,000)i. Benefit Payments (2,571,999,000) (2,571,999,000) 0j. Administrative Expenses 0 (18,917,000) 18,917,000k. Other Changes 0 10,381,000 (10,381,000)l. Net Changes 1,155,018,641$ 4,069,353,000$ (2,914,334,359)$

3. Transferrable Earnings due from QPP to VSFs 0 (2,128,438,000) 2,128,438,0004. Balances at June 30, 2017 46,662,908,678$ 35,423,525,000$ 11,239,383,678$





QPP




(a) (b) (a) - (b)1. Balances at June 30, 2016 2,008,699,299$ 1,384,204,000$ 624,495,299$

2. Changes for the Year:a. Service Cost 52,847,981 0 52,847,981b. Interest 137,696,499 0 137,696,499c. Changes of Benefit Terms 0 0 0d. Differences b/t Expected and Actual Experience (16,263,612) 0 (16,263,612)e. Changes of Assumptions 0 0 0f. Contributions - Employer 0 0 0g. Contributions - Employee 0 0 0h. Net Investment Income 0 166,755,000 (166,755,000)i. Benefit Payments (159,063,000) (159,063,000) 0j. Administrative Expenses 0 0 0k. Other Changes 0 74,000 (74,000)l. Net Changes 15,217,868$ 7,766,000$ 7,451,868$

3. Transferrable Earnings due from QPP to POVSF 0 708,636,000 (708,636,000)4. Balances at June 30, 2017 2,023,917,167$ 2,100,606,000$ (76,688,833)$





POVSF




(a) (b) (a) - (b)1. Balances at June 30, 2016 3,624,157,058$ 635,460,000$ 2,988,697,058$

2. Changes for the Year:a. Service Cost 46,062,247 0 46,062,247b. Interest 248,372,198 0 248,372,198c. Changes of Benefit Terms 0 0 0d. Differences b/t Expected and Actual Experience 3,766,754 0 3,766,754e. Changes of Assumptions 0 0 0f. Contributions - Employer 0 0 0g. Contributions - Employee 0 0 0h. Net Investment Income 0 40,392,000 (40,392,000)i. Benefit Payments (255,938,000) (255,938,000) 0j. Administrative Expenses 0 0 0k. Other Changes 0 52,000 (52,000)l. Net Changes 42,263,199$ (215,494,000)$ 257,757,199$

3. Transferrable Earnings due from QPP to PSOVSF 0 1,419,802,000 (1,419,802,000)4. Balances at June 30, 2017 3,666,420,257$ 1,839,768,000$ 1,826,652,257$





PSOVSF



QPP POVSF PSOVSF TOTAL1. Balances at June 30, 2016 45,507,890,037$ 2,008,699,299$ 3,624,157,058$ 51,140,746,394$

2. Changes for the Year:a. Service Cost 1,221,506,234 52,847,981 46,062,247 1,320,416,462b. Interest 3,138,262,665 137,696,499 248,372,198 3,524,331,362c. Changes of Benefit Terms 0 0 0 0d. Differences b/t Expected and Actual Experience (632,751,258) (16,263,612) 3,766,754 (645,248,116)e. Changes of Assumptions 0 0 0 0f. Benefit Payments (2,571,999,000) (159,063,000) (255,938,000) (2,987,000,000)g. Net Changes 1,155,018,641$ 15,217,868$ 42,263,199$ 1,212,499,708$

3. Balances at June 30, 2017 46,662,908,678$ 2,023,917,167$ 3,666,420,257$ 52,353,246,102$

QPP POVSF PSOVSF TOTAL4. Balances at June 30, 2016 33,482,610,000$ 1,384,204,000$ 635,460,000$ 35,502,274,000$

5. Changes for the Year:a. Contributions - Employer 2,293,840,000 0 0 2,293,840,000b. Contributions - Employee 276,301,000 0 0 276,301,000c. Net Investment Income 4,079,747,000 166,755,000 40,392,000 4,286,894,000d. Benefit Payments (2,571,999,000) (159,063,000) (255,938,000) (2,987,000,000)e. Administrative Expenses (18,917,000) 0 0 (18,917,000)f. Other Changes 10,381,000 74,000 52,000 10,507,000g. Net Changes 4,069,353,000$ 7,766,000$ (215,494,000)$ 3,861,625,000$

6. Transferrable Earnings due from QPP to VSFs (2,128,438,000) 708,636,000 1,419,802,000 07. Balances at June 30, 2017 35,423,525,000$ 2,100,606,000$ 1,839,768,000$ 39,363,899,000$

QPP POVSF PSOVSF TOTAL8. Balances at June 30, 2016 12,025,280,037$ 624,495,299$ 2,988,697,058$ 15,638,472,394$

9. Changes for the Year:a. Service Cost 1,221,506,234 52,847,981 46,062,247 1,320,416,462b. Interest 3,138,262,665 137,696,499 248,372,198 3,524,331,362c. Changes of Benefit Terms 0 0 0 0d. Differences b/t Expected and Actual Experience (632,751,258) (16,263,612) 3,766,754 (645,248,116)e. Changes of Assumptions 0 0 0 0f. Contributions - Employer (2,293,840,000) 0 0 (2,293,840,000)g. Contributions - Employee (276,301,000) 0 0 (276,301,000)h. Net Investment Income (4,079,747,000) (166,755,000) (40,392,000) (4,286,894,000)i. Benefit Payments 0 0 0 0j. Administrative Expenses 18,917,000 0 0 18,917,000k. Other Changes (10,381,000) (74,000) (52,000) (10,507,000)l. Net Changes (2,914,334,359)$ 7,451,868$ 257,757,199$ (2,649,125,292)$

10. Transferrable Earnings due from QPP to VSFs 2,128,438,000 (708,636,000) (1,419,802,000) 011. Balances at June 30, 2017 11,239,383,678$ (76,688,833)$ 1,826,652,257$ 12,989,347,102$









Appendix DPage 7b(1)



2. Changes for the Year:a. Service Cost 1,386,278,934 0 1,386,278,934b. Interest 3,649,115,174 0 3,649,115,174c. Changes of Benefit Terms 104,671,094 0 104,671,094d. Differences b/t Expected and Actual Experience (144,119,939) 0 (144,119,939)e. Changes of Assumptions 0 0 0f. Contributions - Employer 0 2,415,153,000 (2,415,153,000)g. Contributions - Employee 0 267,031,000 (267,031,000)h. Net Investment Income 0 3,964,010,000 (3,964,010,000)i. Benefit Payments (3,193,553,000) (3,193,553,000) 0j. Administrative Expenses 0 (21,146,000) 21,146,000k. Other Changes 0 3,465,000 (3,465,000)l. Net Changes 1,802,392,263$ 3,434,960,000$ (1,632,567,737)$

3. Balances at June 30, 2018 54,155,638,365$ 42,798,859,000$ 11,356,779,365$





Total





2. Changes for the Year:a. Service Cost 1,281,545,193 0 1,281,545,193b. Interest 3,257,274,942 0 3,257,274,942c. Changes of Benefit Terms 90,362,746 0 90,362,746d. Differences b/t Expected and Actual Experience (138,508,062) 0 (138,508,062)e. Changes of Assumptions 0 0 0f. Contributions - Employer 0 2,415,153,000 (2,415,153,000)g. Contributions - Employee 0 267,031,000 (267,031,000)h. Net Investment Income 0 3,925,283,000 (3,925,283,000)i. Benefit Payments (2,774,387,000) (2,774,387,000) 0j. Administrative Expenses 0 (21,146,000) 21,146,000k. Other Changes 0 3,408,000 (3,408,000)l. Net Changes 1,716,287,819$ 3,815,342,000$ (2,099,054,181)$

3. Transferrable Earnings due from QPP to VSFs 0 (1,280,000,000) 1,280,000,0004. Balances at June 30, 2018 48,379,196,497$ 37,958,867,000$ 10,420,329,497$





QPP




(a) (b) (a) - (b)1. Balances at June 30, 2017 2,023,917,167$ 2,100,606,000$ (76,688,833)$

2. Changes for the Year:a. Service Cost 57,874,880 0 57,874,880b. Interest 137,689,204 0 137,689,204c. Changes of Benefit Terms 10,230,978 0 10,230,978d. Differences b/t Expected and Actual Experience (45,326,579) 0 (45,326,579)e. Changes of Assumptions 0 0 0f. Contributions - Employer 0 0 0g. Contributions - Employee 0 0 0h. Net Investment Income 0 294,000 (294,000)i. Benefit Payments (162,149,000) (162,149,000) 0j. Administrative Expenses 0 0 0k. Other Changes 0 31,000 (31,000)l. Net Changes (1,680,517)$ (161,824,000)$ 160,143,483$

3. Transferrable Earnings due from QPP to POVSF 0 130,000,000 (130,000,000)4. Balances at June 30, 2018 2,022,236,650$ 2,068,782,000$ (46,545,350)$





POVSF





2. Changes for the Year:a. Service Cost 46,858,861 0 46,858,861b. Interest 254,151,028 0 254,151,028c. Changes of Benefit Terms 4,077,370 0 4,077,370d. Differences b/t Expected and Actual Experience 39,714,702 0 39,714,702e. Changes of Assumptions 0 0 0f. Contributions - Employer 0 0 0g. Contributions - Employee 0 0 0h. Net Investment Income 0 38,433,000 (38,433,000)i. Benefit Payments (257,017,000) (257,017,000) 0j. Administrative Expenses 0 0 0k. Other Changes 0 26,000 (26,000)l. Net Changes 87,784,961$ (218,558,000)$ 306,342,961$

3. Transferrable Earnings due from QPP to PSOVSF 0 1,150,000,000 (1,150,000,000)4. Balances at June 30, 2018 3,754,205,218$ 2,771,210,000$ 982,995,218$





PSOVSF




2. Changes for the Year:a. Service Cost 1,281,545,193 57,874,880 46,858,861 1,386,278,934b. Interest 3,257,274,942 137,689,204 254,151,028 3,649,115,174c. Changes of Benefit Terms 90,362,746 10,230,978 4,077,370 104,671,094d. Differences b/t Expected and Actual Experience (138,508,062) (45,326,579) 39,714,702 (144,119,939)e. Changes of Assumptions 0 0 0 0f. Benefit Payments (2,774,387,000) (162,149,000) (257,017,000) (3,193,553,000)g. Net Changes 1,716,287,819$ (1,680,517)$ 87,784,961$ 1,802,392,263$

3. Balances at June 30, 2018 48,379,196,497$ 2,022,236,650$ 3,754,205,218$ 54,155,638,365$


5. Changes for the Year:a. Contributions - Employer 2,415,153,000 0 0 2,415,153,000b. Contributions - Employee 267,031,000 0 0 267,031,000c. Net Investment Income 3,925,283,000 294,000 38,433,000 3,964,010,000d. Benefit Payments (2,774,387,000) (162,149,000) (257,017,000) (3,193,553,000)e. Administrative Expenses (21,146,000) 0 0 (21,146,000)f. Other Changes 3,408,000 31,000 26,000 3,465,000g. Net Changes 3,815,342,000$ (161,824,000)$ (218,558,000)$ 3,434,960,000$

6. Transferrable Earnings due from QPP to VSFs (1,280,000,000) 130,000,000 1,150,000,000 07. Balances at June 30, 2018 37,958,867,000$ 2,068,782,000$ 2,771,210,000$ 42,798,859,000$

QPP POVSF PSOVSF TOTAL8. Balances at June 30, 2017 11,239,383,678$ (76,688,833)$ 1,826,652,257$ 12,989,347,102$

9. Changes for the Year:a. Service Cost 1,281,545,193 57,874,880 46,858,861 1,386,278,934b. Interest 3,257,274,942 137,689,204 254,151,028 3,649,115,174c. Changes of Benefit Terms 90,362,746 10,230,978 4,077,370 104,671,094d. Differences b/t Expected and Actual Experience (138,508,062) (45,326,579) 39,714,702 (144,119,939)e. Changes of Assumptions 0 0 0 0f. Contributions - Employer (2,415,153,000) 0 0 (2,415,153,000)g. Contributions - Employee (267,031,000) 0 0 (267,031,000)h. Net Investment Income (3,925,283,000) (294,000) (38,433,000) (3,964,010,000)i. Benefit Payments 0 0 0 0j. Administrative Expenses 21,146,000 0 0 21,146,000k. Other Changes (3,408,000) (31,000) (26,000) (3,465,000)l. Net Changes (2,099,054,181)$ 160,143,483$ 306,342,961$ (1,632,567,737)$

10. Transferrable Earnings due from QPP to VSFs 1,280,000,000 (130,000,000) (1,150,000,000) 011. Balances at June 30, 2018 10,420,329,497$ (46,545,350)$ 982,995,218$ 11,356,779,365$









Appendix DPage 8

2018 2017 2016 2015 (Revised)1 2014 20131. Total Pension Liability

a. Service Cost 1,386,278,934$ 1,320,416,462$ 1,340,614,909$ 1,325,807,839$ 1,301,753,171$ 1,263,838,030$ b. Interest 3,649,115,174 3,524,331,362 3,441,398,429 3,245,225,246 3,117,317,330 2,998,478,091c. Changes of Benefit Terms 104,671,094 0 0 0 0 0d. Differences b/t Expected and Actual Experience (144,119,939) (645,248,116) 233,461,664 (215,417,691) 0 0e. Change of Assumptions 0 0 794,679,950 0 0 0f. Benefit Payments (3,193,553,000) (2,987,000,000) (2,878,451,000) (2,746,784,000) (2,682,223,000) (2,525,475,000)g. Net Changes 1,802,392,263$ 1,212,499,708$ 2,931,703,952$ 1,608,831,394$ 1,736,847,501$ 1,736,841,121$


4. Plan Fiduciary Net Positiona. Contributions - Employer 2,415,153,000$ 2,293,840,000$ 2,393,940,000$ 2,309,619,000$ 2,320,910,000$ 2,424,690,000$ b. Contributions - Employee 267,031,000 276,301,000 249,921,000 241,102,000 228,783,000 229,675,000c. Net Investment Income 3,964,010,000 4,286,894,000 403,534,000 1,098,220,000 5,147,483,000 3,101,564,000d. Benefit Payments (3,193,553,000) (2,987,000,000) (2,878,451,000) (2,746,784,000) (2,682,223,000) (2,525,475,000)e. Administrative Expenses (21,146,000) (18,917,000) (18,478,000) (17,903,000) (17,450,000) (17,548,000)f. Other Changes 3,465,000 10,507,000 6,756,000 4,616,000 6,911,000 6,118,000g. Net Changes 3,434,960,000$ 3,861,625,000$ 157,222,000$ 888,870,000$ 5,004,414,000$ 3,219,024,000$


7. POLICE Net Pension Liability 11,356,779,365$ 12,989,347,102$ 15,638,472,394$ 12,863,990,442$ 11,830,521,239$ 15,098,087,738$



10. POLICE Net Pension Liability as a Percentageof Covered Employee Payroll 309.2% 370.1% 441.7% 366.2% 345.9% 436.4%

1 Special Accidental Death Benefits pursuant to Section 208-f of the General Municipal Law.2 Projected Employee Payroll at Time 1.0 under One-Year Lag Methodology.





Appendix DPage 9


1. Actuarially Determined Contribution 2,415,153$ 2,293,840$ 2,393,940$ 2,309,619$ 2,320,910$ 2,424,690$ 2,385,731$ 2,083,633$ 1,980,996$ 1,932,150$

2. Contributions in relation to the Actuarially Determined Contribution 2,415,153$ 2,293,840$ 2,393,940$ 2,309,619$ 2,320,910$ 2,424,690$ 2,385,731$ 2,083,633$ 1,980,996$ 1,932,150$

3. Contribution Deficiency (Excess) 0 0 0 0 0 0 0 0 0 0

4. Contributions as a percentage of Covered Employee Payroll* 65.753% 65.352% 67.619% 65.749% 67.857% 70.080% 69.176% 64.058% 63.955% 65.570%

*




The Employer Rate of Contribution equals the Statutory Contribution as a percentage of the salaries of members who were on payroll or projected to be on payroll (under One-Year Lag Methodology) as of the preceding June 30 increased to reflect overtime earnings and adjusted, where applicable, to be consistent with collective bargaining agreements estimated to be achieved.


Appendix DPage 10


Group # Count @ 6/30/2017Active 35,961 10.71 Active/Inactive 1,659 0 Terminated Vested 574 0 Retired 49,151 0 Total 87,345 4.41





Appendix DPage 11a


and Actual PeriodYear Experience (Years) 2015 2016 2017 2018 2019 2020 2021 20222015 (215,417,691)$ 2.45 (87,925,588)$ (87,925,588)$ (39,566,515)$ 2016 233,461,664$ 2.45 95,290,475$ 95,290,475$ 42,880,714$ 2017 (645,248,116)$ 3.89 (165,873,552)$ (165,873,552)$ (165,873,552)$ (147,627,460)$ 2018 (144,119,939)$ 4.41 (32,680,258)$ (32,680,258)$ (32,680,258)$ (32,680,258)$ (13,398,907)$

Net increase (decrease) in Pension Expense (87,925,588)$ 7,364,887$ (110,149,592)$ (155,673,096)$ (198,553,810)$ (180,307,718)$ (32,680,258)$ (13,398,907)$





Appendix DPage 11b

RecognitionChanges in Period

Year Assumptions (Years) 2016 2017 2018 2019 2020 2021 20222016 794,679,950$ 2.45 324,359,163$ 324,359,163$ 145,961,624$ 2017 0 0 0 02018 0 0 0

Net increase (decrease) in Pension Expense 324,359,163$ 324,359,163$ 145,961,624$ 0$ 0$ 0$ 0$



Increase (Decrease) in Pension Expense Arising from the Recognition of Changes in Assumptions


Appendix DPage 11c



Year Investments (Years) 2013 2014 2015 2016 2017 2018 2019 2020 2021 20222013 (1,261,230,122)$ 5 (252,246,024)$ (252,246,024)$ (252,246,024)$ (252,246,024)$ (252,246,026)$ 2014 (3,090,782,244)$ 5 (618,156,449)$ (618,156,449)$ (618,156,449)$ (618,156,449)$ (618,156,448)$ 2015 1,306,509,007$ 5 261,301,801$ 261,301,801$ 261,301,801$ 261,301,801$ 261,301,803$ 2016 2,062,144,044$ 5 412,428,809$ 412,428,809$ 412,428,809$ 412,428,809$ 412,428,808$ 2017 (1,816,368,326)$ 5 (363,273,666)$ (363,273,666)$ (363,273,666)$ (363,273,666)$ (363,273,662)$ 2018 (1,226,741,680)$ 5 (245,348,336)$ (245,348,336)$ (245,348,336)$ (245,348,336)$ (245,348,336)$

Net increase (decrease) in Pension Expense (252,246,024)$ (870,402,473)$ (609,100,672)$ (196,671,863)$ (559,945,531)$ (553,047,840)$ 65,108,610$ (196,193,194)$ (608,621,998)$ (245,348,336)$





Appendix DPage 12a




Component Amount

a. Service Cost 1,320,416,462$ b. Interest on the Total Pension Liability 3,524,331,362c. Changes of Benefit Terms 0d. Differences between Expected and Actual Experience (110,149,592)e. Changes of Assumptions 324,359,163f. Employee Contributions (276,301,000)g. Projected Earnings on Pension Plan Investments (2,470,525,674)h. Differences between Projected and Actual Earnings on Plan Investments (559,945,531)i. Pension Plan Administrative Expenses 18,917,000j. Other Changes in Fiduciary Net Position (10,507,000)



Appendix DPage 12b



Component Amount

a. Service Cost 1,386,278,934$ b. Interest on the Total Pension Liability 3,649,115,174c. Changes of Benefit Terms 104,671,094d. Differences between Expected and Actual Experience (155,673,096)e. Changes of Assumptions 145,961,624f. Employee Contributions (267,031,000)g. Projected Earnings on Pension Plan Investments (2,737,268,320)h. Differences between Projected and Actual Earnings on Plan Investments (553,047,840)i. Pension Plan Administrative Expenses 21,146,000j. Other Changes in Fiduciary Net Position (3,465,000)




Appendix DPage 13a




For the Fiscal Year ended June 30, 2013, the City recognized Pension Expense for POLICE of $1,951,491,219.

At June 30, 2013, the City reported total Deferred Outflows of Resources and Deferred Inflows of Resources related to Pensions for POLICE from the following sources:





Net difference between Projected and Actual Earnings on Pension Plan Investments 0 1,008,984,098

Total 0$ 1,008,984,098$

Amounts reported as Deferred Outflows of Resources and Deferred Inflows of Resources related to Pensions for POLICE will be recognized in Pension Expense as follows:



Appendix DPage 13b




For June 30, 2014, the City determined Deferred Outflows of Resources and Deferred Inflows of Resources related to Pensions for POLICE from the following sources:






Total 0$ 2,472,625,795$





Appendix DPage 13c









Net difference between Projected and Actual Earnings on Pension Plan Investments 1,045,207,206 0

Total 1,045,207,206$ 127,492,103$





Appendix DPage 13d









Net difference between Projected and Actual Earnings on Pension Plan Investments 1,649,715,235 0

Total 2,258,207,211$ 0$


Fiscal YearEnded June 30 Amount2016 832,078,447$ 2017 832,078,4472018 601,271,1472019 412,428,8092020 412,428,808



Appendix DPage 13e










Total 0$ 1,932,469,224$


Fiscal YearEnded June 30 Amount2017 (529,147,218)$ 2018 (529,147,218)2019 (529,147,218)2020 (510,901,126)2021 (363,273,662)



Appendix DPage 13f









Net difference between Projected and Actual Earnings on Pension Plan Investments 0 981,393,344

Total 0$ 1,092,833,025$


Fiscal YearEnded June 30 Amount2018 (278,028,594)$ 2019 (278,028,594)2020 (278,028,594)2021 (278,028,594)2022 (258,747,243)



Appendix DPage 13g




At June 30, 2018, the City reported total Deferred Outflows of Resources and Deferred Inflows of Resources related to Pensions for POLICE from the following sources:






Total 0$ 1,409,995,611$


Fiscal YearEnded June 30 Amount2018 (562,759,312)$ 2019 (133,445,200)$ 2020 (376,500,912)$ 2021 (641,302,256)$ 2022 (258,747,243)$



Appendix E

Page 1a - Statement of Fiduciary Net Position - FIREPage 1b - Statement of Fiduciary Net Position - FFVSFPage 1c - Statement of Fiduciary Net Position - FOVSF

Page 2a - Statement of Changes in Fiduciary Net Position - FIREPage 2b - Statement of Changes in Fiduciary Net Position - FFVSFPage 2c - Statement of Changes in Fiduciary Net Position - FOVSF




Page 6 - Roll-Forward of Entry Age Actuarial Accrued Liabilities to June 30, 2018

Page 7a - Changes in Net Pension Liability by Source - June 30, 2017Page 7b - Changes in Net Pension Liability by Source - June 30, 2018




Page 11a - Increase (Decrease) in Pension Expense Arising from the Recognition of Differences between Expected and Actual Experience

Page 11b - Increase (Decrease) in Pension Expense Arising from the Recognition of Changes in Assumptions

Page 11c - Increase (Decrease) in Pension Expense Arising from the Recognition of Differences between Projected and Actual Earnings on Pension Plan Investments

Page 12a - Components of Pension Expense - June 30, 2017Page 12b - Components of Pension Expense - June 30, 2018

Page 13a - Pension Expense, Total Deferred Inflows/Outflows of Resources at June 30, 2013Page 13b - Pension Expense, Deferred Inflows/Outflows of Resources for June 30, 2014Page 13c - Pension Expense, Deferred Inflows/Outflows of Resources for June 30, 2015Page 13d - Pension Expense, Deferred Inflows/Outflows of Resources for June 30, 2016Page 13e - Pension Expense, Deferred Inflows/Outflows of Resources for June 30, 2017Page 13f - Pension Expense, Deferred Inflows/Outflows of Resources for June 30, 2018Page 13g - Pension Expense, Total Deferred Inflows/Outflows of Resources at June 30, 2018

NEW YORK CITY FIRE PENSION FUND (FIRE)

APPENDIX E


Appendix EPage 1a




Cash 2,883$ 37,035$

Receivables:Investment securities sold 143,921 138,400Member loans 25,248 26,951Accrued interest and dividends 25,777 23,004Accounts Receivables 129 178



Commercial paper 237,589 136,416Short-term investment fund 105,484 91,493U.S. Treasury bills and agencies 0 0

Debt securities:U.S. Government and agencies 3,029,091 2,219,638Corporate and other 0 0

Equity Securities: 3,848,728 1,878,641Alternative Investments: 2,607,718 2,391,376Collective Trust Funds:

International equity 2,264,395 2,232,054Fixed income 1,206,636 575,442Domestic equity 88,801 2,149,785Mortgage debt security 99,102 89,229Treasury inflation protected securities 0 543,317

Collateral from securities lending 1,140,436 1,080,020



Total assets 14,828,837$ 13,615,487$

LIABILITIESAccounts payable 177,540 147,979Payables for investment securities purchased 203,986 147,296Accrued benefits payable 10,832 15,680Transferrable Earnings due from QPP to VSFs 29,000 134,616Securities lending 1,140,436 1,080,020






Appendix EPage 1b




Cash 1,467$ 1,391$

Receivables:Investment securities sold 0 33,517Accrued interest and dividends 199 631Accounts Receivables 0 0Transferrable Earnings Due from QPP 29,000 83,653



Commercial paper 503 0Short-term investment fund 21 6,971U.S. Treasury bills and agencies 0 0Discount Notes 0 0

Debt securities:U.S. Government and agencies 0 0Corporate and other 0 0

Equity securities: 0 0Alternative investments: 0 0Collective trust funds:

International equity 156,502 142,644Fixed income 183,616 154,461Domestic equity 179,243 156,098Treasury inflation protected securities 0 1,316


Total Investments 536,727$ 480,029$

Other assets 0 0

Total assets 567,393$ 599,221$

LIABILITIESAccounts payable 44 96Payables for investment securities purchased 0 33,509Accrued benefits payable 20,427 20,831Securities lending 16,842 18,539


Plan Net Position Held in Trust for Benefits 530,080$ 526,246$

NEW YORK CITY FIRE DEPARTMENTFIREFIGHTERS' VARIABLE SUPPLEMENTS FUND (FFVSF)



Appendix EPage 1c




Cash 1,085$ 906$

Receivables:Investment securities sold 0 24,791Accrued interest and dividends 245 432Accounts Receivables 33 33Transferrable Earnings Due from QPP 0 50,963

Total receivables 278$ 76,219$


Commercial paper 1,903 0Short-term investment fund 118 2,637U.S. Treasury bills and agencies 0 0Discount Notes 0 0

Debt securities:U.S. Government and agencies 0 1,263Corporate and other 0 0

Equity securities: 111,494 0Alternative investments: 0 0Collective trust funds:

International equity 106,597 93,185Fixed income 124,324 100,957Domestic equity 10,050 102,508Treasury inflation protected securities 0 1,544


Total Investments 366,494$ 314,388$

Other assets 0 0

Total assets 367,857$ 391,513$

LIABILITIESAccounts payable 50 92Payables for investment securities purchased 87 24,790Accrued benefits payable 9,079 9,121Securities lending 12,008 12,294


Plan Net Position Held in Trust for Benefits 346,633$ 345,216$

NEW YORK CITY FIRE DEPARTMENTFIRE OFFICERS' VARIABLE SUPPLEMENTS FUND (FOVSF)



Appendix EPage 2a






Investment income:Interest income 168,451 135,642Dividend income 159,918 159,972Net appreciation (depreciation) in fair value 952,687 1,067,973



Net income 1,184,120 1,279,149

Securities lending transactions:Securities lending income 5,267 6,150Securities lending fees (527) (428)

Net securities lending income 4,740$ 5,722$

Net investment income 1,188,860 1,284,871Other:

Net receipts from other retirement systems 8,697 44,999Litigation income 714 2,285

Other total 9,411 47,284

Total additions 2,507,026 2,501,693

DEDUCTIONSBenefit payments and withdrawals 1,308,467 1,265,817Transferrable Earnings due from QPP to VSFs 15,000 45,743Administrative expenses 6,412 0

Total deductions 1,329,879 1,311,560



End of year 13,267,043$ 12,089,896$




Appendix EPage 2b









Net income 35,168 46,467



Net investment income 35,406 46,755Other:

Net receipts from other retirement systems 0 0Litigation income 0 0

Transferrable Earnings due from QPP to FFVSF 15,000 23,914






End of year 530,080$ 526,246$

NEW YORK CITY FIRE DEPARTMENTFIREFIGHTERS' VARIABLE SUPPLEMENTS FUND (FFVSF)



Appendix EPage 2c









Net income 25,303 39,855



Net investment income 25,465 40,095Other:

Net receipts from other retirement systems 0 0Litigation income 0 0

Transferrable Earnings due from QPP to FOVSF 0 21,829






End of year 346,633$ 345,216$

NEW YORK CITY FIRE DEPARTMENTFIRE OFFICERS' VARIABLE SUPPLEMENTS FUND (FOVSF)



Appendix EPage 3

QPP FFVSF FOVSF Total1. Plan Net Position @ 6/30/2016 10,936,636,000$ 484,111,000$ 286,875,000$ 11,707,622,0002. Accrued Benefits Payable 0 21,225,000 9,263,000 30,488,0003. Transferrable Earnings due from QPP to VSFs (36,873,000) 18,739,000 18,134,000 04. Adjusted Market Value @ 6/30/2016 10,899,763,000 524,075,000 314,272,000 11,738,110,000

5. Changes for the year:a. ER Contributions 1,061,170,000 0 0 1,061,170,000b. EE Contributions 108,368,000 0 0 108,368,000c. Net Investment Income 1,284,871,000 46,755,000 40,095,000 1,371,721,000d. Benefit Payments 1 (1,265,817,000) (47,667,000) (21,859,000) (1,335,343,000)e. Administrative Expenses 0 0 0 0f. Other 47,284,000 0 0 47,284,000g. Net Changes 1,235,876,000$ (912,000)$ 18,236,000$ 1,253,200,000$

6. Plan Net Position @ 6/30/2017 12,135,639,000$ 502,332,000$ 323,387,000$ 12,961,358,000$ 7. Accrued Benefits Payable 0 20,831,000 9,121,000 29,952,0008. Transferrable Earnings due from QPP to VSFs (45,743,000) 23,914,000 21,829,000 09. Adjusted Market Value @ 6/30/2017 12,089,896,000$ 547,077,000$ 354,337,000$ 12,991,310,000$

10. Changes for the year:a. ER Contributions 1,200,417,000 0 0 1,200,417,000b. EE Contributions 108,338,000 0 0 108,338,000c. Net Investment Income 1,188,860,000 35,406,000 25,465,000 1,249,731,000d. Benefit Payments 2 (1,308,467,000) (46,976,000) (24,090,000) (1,379,533,000)e. Administrative Expenses (6,412,000) 0 0 (6,412,000)f. Other 9,411,000 0 0 9,411,000g. Net Changes 1,192,147,000$ (11,570,000)$ 1,375,000$ 1,181,952,000$

11. Plan Net Position @ 6/30/2018 13,282,043,000$ 515,080,000$ 346,633,000$ 14,143,756,000$ 12. Accrued Benefits Payable 0 20,427,000 9,079,000 29,506,00013. Transferrable Earnings due from QPP to VSFs (15,000,000) 15,000,000 0 014. Adjusted Market Value @ 6/30/2018 13,267,043,000$ 550,507,000$ 355,712,000$ 14,173,262,000$

1 Includes Net Accrued Benefits Payable of -$394,000 for FFVSF and -$142,000 for FOVSF.2 Includes Net Accrued Benefits Payable of -$404,000 for FFVSF and -$42,000 for FOVSF.





Appendix EPage 4


Long-TermTarget Expected Asset Real Rate








Total 100%



The Long-Term Expected Rate of Return (LTEROR) assumption on pension fund investments was determined using aBuilding-Block Method in which best-estimate ranges of Expected Real Rates of Return (i.e. Expected Returns, net ofpension fund investment expenses and inflation) are developed for each major asset class. These ranges are combined toproduce the LTEROR by weighting the Expected Real Rates of Return (RROR) by the Target Asset Allocation percentageand by adding Expected Inflation. The Target Asset Allocation and best estimates of Arithmetic Real Rates of Return foreach major asset class are summarized in the following table:

The Discount Rate used to measure the Total Pension Liability was 7.0% per annum. The projection of Cash Flows used todetermine the Discount Rate assumes that employee contributions will be made at the rates applicable to the current Tier foreach member and that employer contributions will be made at rates as determined by the Actuary. Based on thoseassumptions, the pension fund's Fiduciary Net Position is projected to be available to make all projected future benefitpayments of current active and non-active members. Therefore, the Long-Term Expected Rate of Return on pension fundinvestments was applied to all periods of projected benefit payments to determine the Total Pension Liability.


Appendix EPage 5a

QPP FFVSF FOVSF Total

1. Assets

a. Market Value 6/30/2016* 10,936,636,000$ 505,336,000$ 296,138,000$ 11,738,110,000$

b. 2016 Transferrable Earnings due from QPP to VSFs (36,873,000) 18,739,000 18,134,000 0

c. Adjusted Market Value @6/30/2016 10,899,763,000 524,075,000 314,272,000 11,738,110,000

d. Market Value 6/30/2017** 12,135,639,000 523,163,000 332,508,000 12,991,310,000

e. 2017 Transferrable Earnings due from QPP to VSFs (45,743,000) 23,914,000 21,829,000 0

f. Adjusted Market Value @6/30/2017 12,089,896,000 547,077,000 354,337,000 12,991,310,000


3. Cash Flow (85,868,000) (28,928,000) (3,725,000) (118,521,000)(1.d. - 1.a. - 2.)

4. Projected Earnings 762,609,802 34,378,108 20,601,483 817,589,393 (7% * 1.a. + 3.441% * 3.)

5. (Gain) / Loss (522,261,198) (12,376,892) (19,493,517) (554,131,607)(4. - 2.)


7. Amount Recognized in Pension Expense (104,452,240) (2,475,378) (3,898,703) (110,826,321)(5. / 6.)

8. Deferred (Inflow) / Outflow of Resources (417,808,958)$ (9,901,514)$ (15,594,814)$ (443,305,286)$ (5. - 7.)

* Before Reflecting 2016 Transferrable Earnings due from QPP to VSFs.

** Before Reflecting 2017 Transferrable Earnings due from QPP to VSFs.





Appendix EPage 5b

QPP FFVSF FOVSF Total

1. Assets

a. Market Value 6/30/2017* 12,135,639,000$ 523,163,000$ 332,508,000$ 12,991,310,000$

b. 2017 Transferrable Earnings due from QPP to VSFs (45,743,000) 23,914,000 21,829,000 0

c. Adjusted Market Value @6/30/2017 12,089,896,000 547,077,000 354,337,000 12,991,310,000

d. Market Value 6/30/2018** 13,282,043,000 535,507,000 355,712,000 14,173,262,000

e. 2018 Transferrable Earnings due from QPP to VSFs (15,000,000) 15,000,000 0 0

f. Adjusted Market Value @6/30/2018 13,267,043,000 550,507,000 355,712,000 14,173,262,000


3. Cash Flow (42,456,000) (23,062,000) (2,261,000) (67,779,000)(1.d. - 1.a. - 2.)

4. Projected Earnings 848,033,819 35,827,847 23,197,759 907,059,425 (7% * 1.a. + 3.441% * 3.)

5. (Gain) / Loss (340,826,181) 421,847 (2,267,241) (342,671,575)(4. - 2.)


7. Amount Recognized in Pension Expense (68,165,236) 84,369 (453,448) (68,534,315)(5. / 6.)

8. Deferred (Inflow) / Outflow of Resources (272,660,945)$ 337,478$ (1,813,793)$ (274,137,260)$ (5. - 7.)

* Before Reflecting 2017 Transferrable Earnings due from QPP to VSFs.

** Before Reflecting 2018 Transferrable Earnings due from QPP to VSFs.





Appendix EPage 6

QPP FFVSF FOVSF Total1. EA Accrued Liability at 6/30/2016 20,007,620,740$ 542,122,071$ 359,458,763$ 20,909,201,574$ 2. EA Normal Cost at 6/30/2016 399,750,511 13,304,794 4,993,021 418,048,3263. Benefit Payments-FY2017 1,265,817,000 47,667,000 21,859,000 1,335,343,0004. Interest 1,384,959,225 37,239,659 24,759,457 1,446,958,341

5. Roll-Forward EAAL at 6/30/2017 20,526,513,476$ 544,999,524$ 367,352,241$ 21,438,865,241$ 6. Changes of Benefit Terms at 6/30/2017 14,335,161 (2,415,542) (317,197) 11,602,4227. Adjusted EAAL at 6/30/2017 20,540,848,637$ 542,583,982$ 367,035,044$ 21,450,467,663$

8. EA Normal Cost at 6/30/2017* 419,209,126 12,234,129 4,925,447 436,368,7029. Benefit Payments-FY2018 1,308,467,000 46,976,000 24,090,000 1,379,533,00010. Interest 1,422,179,694 37,220,824 25,208,297 1,484,608,815

11. Roll-Forward EAAL at 6/30/2018 21,073,770,457$ 545,062,935$ 373,078,788$ 21,991,912,180$

*Includes normal cost attributable to "Changes of Benefit Terms at 6/30/2017" of $7,466,100 for QPP, -$1,469,809 for FFVSF and -$217,365 for FOVSF.





Appendix EPage 7a(1)



2. Changes for the Year:a. Service Cost 432,482,302 0 432,482,302b. Interest 1,438,804,602 0 1,438,804,602c. Changes of Benefit Terms 0 0 0d. Differences b/t Expected and Actual Experience 134,478,099 0 134,478,099e. Changes of Assumptions 0 0 0f. Contributions - Employer 0 1,061,170,000 (1,061,170,000)g. Contributions - Employee 0 108,368,000 (108,368,000)h. Net Investment Income 0 1,371,721,000 (1,371,721,000)i. Benefit Payments (1,335,343,000) (1,335,343,000) 0j. Administrative Expenses 0 0 0k. Other Changes 0 47,284,000 (47,284,000)l. Net Changes 670,422,003$ 1,253,200,000$ (582,777,997)$

3. Balances at June 30, 2017 21,314,229,531$ 12,991,310,000$ 8,322,919,531$





Total





2. Changes for the Year:a. Service Cost 415,220,727 0 415,220,727b. Interest 1,375,676,590 0 1,375,676,590c. Changes of Benefit Terms 0 0 0d. Differences b/t Expected and Actual Experience 148,046,196 0 148,046,196e. Changes of Assumptions 0 0 0f. Contributions - Employer 0 1,061,170,000 (1,061,170,000)g. Contributions - Employee 0 108,368,000 (108,368,000)h. Net Investment Income 0 1,284,871,000 (1,284,871,000)i. Benefit Payments (1,265,817,000) (1,265,817,000) 0j. Administrative Expenses 0 0 0k. Other Changes 0 47,284,000 (47,284,000)l. Net Changes 673,126,513$ 1,235,876,000$ (562,749,487)$

3. Transferrable Earnings due from QPP to VSFs 0 (45,743,000) 45,743,0004. Balances at June 30, 2017 20,384,621,780$ 12,089,896,000$ 8,294,725,780$





QPP




(a) (b) (a) - (b)1. Balances at June 30, 2016 568,212,891$ 524,075,000$ 44,137,891$

2. Changes for the Year:a. Service Cost 12,180,176 0 12,180,176b. Interest 38,029,487 0 38,029,487c. Changes of Benefit Terms 0 0 0d. Differences b/t Expected and Actual Experience (13,682,950) 0 (13,682,950)e. Changes of Assumptions 0 0 0f. Contributions - Employer 0 0 0g. Contributions - Employee 0 0 0h. Net Investment Income 0 46,755,000 (46,755,000)i. Benefit Payments (47,667,000) (47,667,000) 0j. Administrative Expenses 0 0 0k. Other Changes 0 0 0l. Net Changes (11,140,287)$ (912,000)$ (10,228,287)$

3. Transferrable Earnings due from QPP to FFVSF 0 23,914,000 (23,914,000)4. Balances at June 30, 2017 557,072,604$ 547,077,000$ 9,995,604$





FFVSF





2. Changes for the Year:a. Service Cost 5,081,399 0 5,081,399b. Interest 25,098,525 0 25,098,525c. Changes of Benefit Terms 0 0 0d. Differences b/t Expected and Actual Experience 114,853 0 114,853e. Changes of Assumptions 0 0 0f. Contributions - Employer 0 0 0g. Contributions - Employee 0 0 0h. Net Investment Income 0 40,095,000 (40,095,000)i. Benefit Payments (21,859,000) (21,859,000) 0j. Administrative Expenses 0 0 0k. Other Changes 0 0 0l. Net Changes 8,435,777$ 18,236,000$ (9,800,223)$

3. Transferrable Earnings due from QPP to FOVSF 0 21,829,000 (21,829,000)4. Balances at June 30, 2017 372,535,147$ 354,337,000$ 18,198,147$





FOVSF



QPP FFVSF FOVSF Total1. Balances at June 30, 2016 19,711,495,267$ 568,212,891$ 364,099,370$ 20,643,807,528$

2. Changes for the Year:a. Service Cost 415,220,727 12,180,176 5,081,399 432,482,302b. Interest 1,375,676,590 38,029,487 25,098,525 1,438,804,602c. Changes of Benefit Terms 0 0 0 0d. Differences b/t Expected and Actual Experience 148,046,196 (13,682,950) 114,853 134,478,099e. Changes of Assumptions 0 0 0 0f. Benefit Payments (1,265,817,000) (47,667,000) (21,859,000) (1,335,343,000)g. Net Changes 673,126,513$ (11,140,287)$ 8,435,777$ 670,422,003$

3. Balances at June 30, 2017 20,384,621,780$ 557,072,604$ 372,535,147$ 21,314,229,531$


5. Changes for the Year:a. Contributions - Employer 1,061,170,000 0 0 1,061,170,000b. Contributions - Employee 108,368,000 0 0 108,368,000c. Net Investment Income 1,284,871,000 46,755,000 40,095,000 1,371,721,000d. Benefit Payments (1,265,817,000) (47,667,000) (21,859,000) (1,335,343,000)e. Administrative Expenses 0 0 0 0f. Other Changes 47,284,000 0 0 47,284,000g. Net Changes 1,235,876,000$ (912,000)$ 18,236,000$ 1,253,200,000$

6. Transferrable Earnings due from QPP to VSFs (45,743,000) 23,914,000 21,829,000 07. Balances at June 30, 2017 12,089,896,000$ 547,077,000$ 354,337,000$ 12,991,310,000$


9. Changes for the Year:a. Service Cost 415,220,727 12,180,176 5,081,399 432,482,302b. Interest 1,375,676,590 38,029,487 25,098,525 1,438,804,602c. Changes of Benefit Terms 0 0 0 0d. Differences b/t Expected and Actual Experience 148,046,196 (13,682,950) 114,853 134,478,099e. Changes of Assumptions 0 0 0 0f. Contributions - Employer (1,061,170,000) 0 0 (1,061,170,000)g. Contributions - Employee (108,368,000) 0 0 (108,368,000)h. Net Investment Income (1,284,871,000) (46,755,000) (40,095,000) (1,371,721,000)i. Benefit Payments 0 0 0 0j. Administrative Expenses 0 0 0 0k. Other Changes (47,284,000) 0 0 (47,284,000)l. Net Changes (562,749,487)$ (10,228,287)$ (9,800,223)$ (582,777,997)$

10. Transferrable Earnings due from QPP to VSFs 45,743,000 (23,914,000) (21,829,000) 011. Balances at June 30, 2017 8,294,725,780$ 9,995,604$ 18,198,147$ 8,322,919,531$









Appendix EPage 7b(1)



2. Changes for the Year:a. Service Cost 436,368,702 0 436,368,702b. Interest 1,484,608,815 0 1,484,608,815c. Changes of Benefit Terms 11,602,422 0 11,602,422d. Differences b/t Expected and Actual Experience 124,635,710 0 124,635,710e. Changes of Assumptions 0 0 0f. Contributions - Employer 0 1,200,417,000 (1,200,417,000)g. Contributions - Employee 0 108,338,000 (108,338,000)h. Net Investment Income 0 1,249,731,000 (1,249,731,000)i. Benefit Payments (1,379,533,000) (1,379,533,000) 0j. Administrative Expenses 0 (6,412,000) 6,412,000k. Other Changes 0 9,411,000 (9,411,000)l. Net Changes 677,682,649$ 1,181,952,000$ (504,269,351)$

3. Balances at June 30, 2018 21,991,912,180$ 14,173,262,000$ 7,818,650,180$





Total





2. Changes for the Year:a. Service Cost 419,209,126 0 419,209,126b. Interest 1,422,179,694 0 1,422,179,694c. Changes of Benefit Terms 14,335,161 0 14,335,161d. Differences b/t Expected and Actual Experience 141,891,696 0 141,891,696e. Changes of Assumptions 0 0 0f. Contributions - Employer 0 1,200,417,000 (1,200,417,000)g. Contributions - Employee 0 108,338,000 (108,338,000)h. Net Investment Income 0 1,188,860,000 (1,188,860,000)i. Benefit Payments (1,308,467,000) (1,308,467,000) 0j. Administrative Expenses 0 (6,412,000) 6,412,000k. Other Changes 0 9,411,000 (9,411,000)l. Net Changes 689,148,677$ 1,192,147,000$ (502,998,323)$

3. Transferrable Earnings due from QPP to VSFs 0 (15,000,000) 15,000,0004. Balances at June 30, 2018 21,073,770,457$ 13,267,043,000$ 7,806,727,457$





QPP





2. Changes for the Year:a. Service Cost 12,234,129 0 12,234,129b. Interest 37,220,824 0 37,220,824c. Changes of Benefit Terms (2,415,542) 0 (2,415,542)d. Differences b/t Expected and Actual Experience (12,073,080) 0 (12,073,080)e. Changes of Assumptions 0 0 0f. Contributions - Employer 0 0 0g. Contributions - Employee 0 0 0h. Net Investment Income 0 35,406,000 (35,406,000)i. Benefit Payments (46,976,000) (46,976,000) 0j. Administrative Expenses 0 0 0k. Other Changes 0 0 0l. Net Changes (12,009,669)$ (11,570,000)$ (439,669)$

3. Transferrable Earnings due from QPP to FFVSF 0 15,000,000 (15,000,000)4. Balances at June 30, 2018 545,062,935$ 550,507,000$ (5,444,065)$





FFVSF





2. Changes for the Year:a. Service Cost 4,925,447 0 4,925,447b. Interest 25,208,297 0 25,208,297c. Changes of Benefit Terms (317,197) 0 (317,197)d. Differences b/t Expected and Actual Experience (5,182,906) 0 (5,182,906)e. Changes of Assumptions 0 0 0f. Contributions - Employer 0 0 0g. Contributions - Employee 0 0 0h. Net Investment Income 0 25,465,000 (25,465,000)i. Benefit Payments (24,090,000) (24,090,000) 0j. Administrative Expenses 0 0 0k. Other Changes 0 0 0l. Net Changes 543,641$ 1,375,000$ (831,359)$

3. Transferrable Earnings due from QPP to FOVSF 0 0 04. Balances at June 30, 2018 373,078,788$ 355,712,000$ 17,366,788$





FOVSF




2. Changes for the Year:a. Service Cost 419,209,126 12,234,129 4,925,447 436,368,702b. Interest 1,422,179,694 37,220,824 25,208,297 1,484,608,815c. Changes of Benefit Terms 14,335,161 (2,415,542) (317,197) 11,602,422d. Differences b/t Expected and Actual Experience 141,891,696 (12,073,080) (5,182,906) 124,635,710e. Changes of Assumptions 0 0 0 0f. Benefit Payments (1,308,467,000) (46,976,000) (24,090,000) (1,379,533,000)g. Net Changes 689,148,677$ (12,009,669)$ 543,641$ 677,682,649$

3. Balances at June 30, 2018 21,073,770,457$ 545,062,935$ 373,078,788$ 21,991,912,180$


5. Changes for the Year:a. Contributions - Employer 1,200,417,000 0 0 1,200,417,000b. Contributions - Employee 108,338,000 0 0 108,338,000c. Net Investment Income 1,188,860,000 35,406,000 25,465,000 1,249,731,000d. Benefit Payments (1,308,467,000) (46,976,000) (24,090,000) (1,379,533,000)e. Administrative Expenses (6,412,000) 0 0 (6,412,000)f. Other Changes 9,411,000 0 0 9,411,000g. Net Changes 1,192,147,000$ (11,570,000)$ 1,375,000$ 1,181,952,000$

6. Transferrable Earnings due from QPP to VSFs (15,000,000) 15,000,000 0 07. Balances at June 30, 2018 13,267,043,000$ 550,507,000$ 355,712,000$ 14,173,262,000$


9. Changes for the Year:a. Service Cost 419,209,126 12,234,129 4,925,447 436,368,702b. Interest 1,422,179,694 37,220,824 25,208,297 1,484,608,815c. Changes of Benefit Terms 14,335,161 (2,415,542) (317,197) 11,602,422d. Differences b/t Expected and Actual Experience 141,891,696 (12,073,080) (5,182,906) 124,635,710e. Changes of Assumptions 0 0 0 0f. Contributions - Employer (1,200,417,000) 0 0 (1,200,417,000)g. Contributions - Employee (108,338,000) 0 0 (108,338,000)h. Net Investment Income (1,188,860,000) (35,406,000) (25,465,000) (1,249,731,000)i. Benefit Payments 0 0 0 0j. Administrative Expenses 6,412,000 0 0 6,412,000k. Other Changes (9,411,000) 0 0 (9,411,000)l. Net Changes (502,998,323)$ (439,669)$ (831,359)$ (504,269,351)$

10. Transferrable Earnings due from QPP to VSFs 15,000,000 (15,000,000) 0 011. Balances at June 30, 2018 7,806,727,457$ (5,444,065)$ 17,366,788$ 7,818,650,180$









Appendix EPage 8

2018 2017 2016 2015 (Revised) 1 2014 20131. Total Pension Liability

a. Service Cost 436,368,702$ 432,482,302$ 431,267,723$ 419,575,546$ 412,911,205$ 400,884,665$ b. Interest 1,484,608,815 1,438,804,602 1,395,735,250 1,312,813,977 1,215,276,517 1,184,217,313c. Changes of Benefit Terms 11,602,422 0 0 0 0 0d. Differences b/t Expected and Actual Experience 124,635,710 134,478,099 323,609,267 171,347,136 0 0e. Change of Assumptions 0 0 405,497,988 0 0 0f. Benefit Payments (1,379,533,000) (1,335,343,000) (1,359,095,000) (1,220,441,000) (1,171,998,000) (1,135,469,000)g. Net Changes 677,682,649$ 670,422,003$ 1,197,015,228$ 683,295,659$ 456,189,722$ 449,632,978$


4. Plan Fiduciary Net Positiona. Contributions - Employer 1,200,417,000$ 1,061,170,000$ 1,054,478,000$ 988,784,000$ 969,956,000$ 962,173,000$ b. Contributions - Employee 108,338,000 108,368,000 116,619,000 108,582,000 108,859,000 104,816,000c. Net Investment Income 1,249,731,000 1,371,721,000 203,104,000 302,567,000 1,689,485,000 1,042,431,000d. Benefit Payments (1,379,533,000) (1,335,343,000) (1,359,095,000) (1,220,441,000) (1,171,998,000) (1,135,469,000)e. Administrative Expenses (6,412,000) 0 0 0 0 0f. Other Changes 9,411,000 47,284,000 43,673,000 41,201,000 39,980,000 38,965,000g. Net Changes 1,181,952,000$ 1,253,200,000$ 58,779,000$ 220,693,000$ 1,636,282,000$ 1,012,916,000$


7. FIRE Net Pension Liability 7,818,650,180$ 8,322,919,531$ 8,905,697,528$ 7,767,461,300$ 6,521,854,338$ 7,701,946,616$



10. FIRE Net Pension Liability as a Percentageof Covered Employee Payroll 671.4% 726.3% 788.5% 698.7% 591.6% 681.6%

1 Special Accidental Death Benefits pursuant to Section 208-f of the General Municipal Law.2 Projected Employee Payroll at Time 1.0 under One-Year Lag Methodology.





Appendix EPage 9



1. Actuarially Determined Contribution 1,200,417$ 1,061,170$ 1,054,478$ 988,784$ 969,956$ 962,173$ 976,895$ 890,706$ 874,331$ 843,751$

2. Contributions in relation to the Actuarially Determined Contribution 1,200,417$ 1,061,170$ 1,054,478$ 988,784$ 969,956$ 962,173$ 976,895$ 890,706$ 874,331$ 843,751$

3. Contribution Deficiency (Excess) 0 0 0 0 0 0 0 0 0 0

4. Contributions as a percentage of Covered Employee Payroll* 103.082% 92.604% 93.360% 88.940% 87.986% 85.154% 84.990% 82.248% 82.491% 83.238%

* The Employer Rate of Contribution equals the Statutory Contribution as a percentage of the salaries of members who were on payroll or projected to be on payroll (under One-Year Lag Methodology) as of the preceding June 30 increased to reflect overtime earnings and adjusted, where applicable, to be consistent with collective bargaining agreements estimated to be achieved.




Appendix EPage 10


Group # Count @ 6/30/2017Active 10,951 12.49 Active/Inactive 21 0 Terminated Vested 58 0 Retired 16,647 0 Total 27,677 4.94





Appendix EPage 11a


and Actual PeriodYear Experience (Years) 2015 2016 2017 2018 2019 2020 2021 20222015 171,347,136$ 2.55 67,194,955$ 67,194,955$ 36,957,226$ 2016 323,609,267 2.58 125,429,948$ 125,429,948$ 72,749,371$ 2017 134,478,099 4.60 29,234,369$ 29,234,369$ 29,234,369$ 29,234,369$ 17,540,623$ 2018 124,635,710 4.94 25,229,901$ 25,229,901$ 25,229,901$ 25,229,901$ 23,716,106$

Net increase (decrease) in Pension Expense 67,194,955$ 192,624,903$ 191,621,543$ 127,213,641$ 54,464,270$ 54,464,270$ 42,770,524$ 23,716,106$





Appendix EPage 11b


Increase (Decrease) in Pension Expense Arising from the Recognition ofChanges in Assumptions

RecognitionChanges Period

Year in Assumptions (Years) 2016 2017 2018 2019 20202016 405,497,988$ 2.58 157,169,763$ 157,169,763$ 91,158,462$ 2017 0 0 0 02018 0 0 0

Net increase (decrease) in Pension Expense 157,169,763$ 157,169,763$ 91,158,462$ 0$ 0$



Appendix EPage 11c



Year Investments (Years) 2013 2014 2015 2016 2017 2018 2019 2020 2021 20222013 (426,785,812)$ 5 (85,357,162)$ (85,357,162)$ (85,357,162)$ (85,357,162)$ (85,357,164)$ 2014 (1,003,750,795) 5 (200,750,159)$ (200,750,159)$ (200,750,159)$ (200,750,159)$ (200,750,159)$ 2015 496,720,375 5 99,344,076$ 99,344,076$ 99,344,076$ 99,344,076$ 99,344,071$ 2016 609,482,946 5 121,896,589$ 121,896,589$ 121,896,589$ 121,896,589$ 121,896,590$ 2017 (554,131,607) 5 (110,826,321)$ (110,826,321)$ (110,826,321)$ (110,826,321)$ (110,826,323)$ 2018 (342,671,575) 5 (68,534,315)$ (68,534,315)$ (68,534,315)$ (68,534,315)$ (68,534,315)$

Net increase (decrease) in Pension Expense (85,357,162)$ (286,107,321)$ (186,763,245)$ (64,866,656)$ (175,692,979)$ (158,870,130)$ 41,880,024$ (57,464,046)$ (179,360,638)$ (68,534,315)$





Appendix EPage 12a


Component Amount

a. Service Cost 432,482,302$ b. Interest on the Total Pension Liability 1,438,804,602c. Changes of Benefit Terms 0d. Differences between Expected and Actual Experience 191,621,543e. Changes of Assumptions 157,169,763f. Employee Contributions (108,368,000)g. Projected Earnings on Pension Plan Investments (817,589,393)h. Differences between Projected and Actual Earnings on Plan Investments (175,692,979)i. Pension Plan Administrative Expenses 0j. Other Changes in Fiduciary Net Position (47,284,000)





Appendix EPage 12b


Component Amount

a. Service Cost 436,368,702$ b. Interest on the Total Pension Liability 1,484,608,815c. Changes of Benefit Terms 11,602,422d. Differences between Expected and Actual Experience 127,213,641e. Changes of Assumptions 91,158,462f. Employee Contributions (108,338,000)g. Projected Earnings on Pension Plan Investments (907,059,425)h. Differences between Projected and Actual Earnings on Plan Investments (158,870,130)i. Pension Plan Administrative Expenses 6,412,000j. Other Changes in Fiduciary Net Position (9,411,000)





Appendix EPage 13a


For the Fiscal Year ended June 30, 2013, the City recognized Pension Expense for FIRE of $740,318,628.

At June 30, 2013, the City reported total Deferred Outflows of Resources and Deferred Inflows of Resources related to Pensions for FIRE from the following sources:






Total 0$ 341,428,650$

Amounts reported as Deferred Outflows of Resources and Deferred Inflows of Resources related to Pensions for FIRE will be recognized in Pension Expense as follows:





Appendix EPage 13b


For June 30, 2014, the City determined Deferred Outflows of Resources and Deferred Inflows of Resources related to Pensions for FIRE from the following sources:






Total 0$ 803,000,636$







Appendix EPage 13c







Net difference between Projected and Actual Earnings on Pension Plan Investments 397,376,299 0

Total 501,528,480$ 0$







Appendix EPage 13d

For the Fiscal Year ended June 30, 2016, the City recognized Pension Expense for FIRE of $1,139,052,037.






Net difference between Projected and Actual Earnings on Pension Plan Investments 487,586,357 0

Total 934,093,901$ 0$







Appendix EPage 13e

For the Fiscal Year ended June 30, 2017, the City recognized Pension Expense for FIRE of $1,071,143,838.







Total 105,243,730$ 443,305,286$







Appendix EPage 13f








Total 99,405,809$ 274,137,260$







Appendix EPage 13g



At June 30, 2018, the City reported total Deferred Outflows of Resources and Deferred Inflows of Resources related to Pensions for FIRE from the following sources:






Total 175,415,170$ 263,478,975$


Fiscal YearEnded June 30 Amount2018 59,501,973$ 2019 96,344,294 2020 (2,999,776) 2021 (136,590,114) 2022 (44,818,209)




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prepared by the New York City Office of the Actuary€¦ · GASB 67/68 Report . For . The City of New York . And . The New York City . Retirement Systems . ... (GASB) Statement No